June 16, 2012

  • SPY Daily near 50 day sma.and 50% Fibonacci level.
  • Weekly stochastic is turning up from over sold levels and has resistance at 20 Week SMA. For a bigger up move price has to sustain above 20 Week SMA.
  • Breaking above the parallel channel resistance line should give an up move. As price move up Golden ratio and the daily Ichimoku cloud will be tougher levels to cross. Unable to trade above the parallel channel may result in a sell off.

  • First two charts shows the Inverted head and shoulders pattern and Falling wedge pattern making good gains. Falling wedge also shows the next crucial levels.
  • Daily chart shows possible resistance at 50 Day SMA.
  • Weekly chart shows a possible target of 20 Week SMA for this up move.


All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.


Blog Archive

Powered by Blogger.

My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore