July 4, 2012

  • Goldman Sachs has given a breakout from a Bullish W or a double bottom pattern.
  • Its also a range breakout.
  • The resistance for this pattern is the 50 Day SMA. If price closes above 50 SMA it should hit 200 SMA or the GAP between 104 - 106 level.

  • Silver testing its resistance line in daily chart.
  • Price is also near 50 Day SMA.
  • For a bigger breakout price must stay above the cloud and 50 Day SMA on closing basis.

  • Gold daily chart testing resistance line.
  • One hour chart is showing a bull flag kind of pattern which on breaking out may lead to a breakout of the resistance line of daily chart.
  • Price falling below 50 Hour SMA and the Hourly Ichimoku cloud may lead to correction in hourly chart which may affect the daily time frame as well. As price is testing an important resistance line weakness in Hour chart may lead to a bigger correction in Daily chart as well.

  • Tata steel trying to stay above the resistance line
  • A daily close above this line should confirm a breakout.
  • For intraday price should sustain above 454. 
  • An intraday fall below 447 will be negative for bullish traders.

  • USDINR Breaks below 50 Day SMA and Daily trend lines.
  • Price is testing the daily Ichimoku cloud. Falling below it will extend the fall of this pair.
  • Price is testing previous resistance line which may act as support. For the fall to extend price should break 53 - 54 level.

  • BN Weekly chart shows price contraction. Price is moving towards a possible triangle pattern.
  • Fibonacci levels shows the resistance line and presence of 80% Fib retrace level near this line.
  • For now Daily chart shows no weakness. Price stands above All crucial moving averages. So until price falls below 5 Day High EMA (10358) There cannot be any weakness. If price continues to trade above these daily levels we may see an attempt to breakout above the resistance line.

  • Price moving away from 100 Day SMA.
  • Next possible resistance is the resistance line shown in last chart and the 78.6% Fib level shown in 2nd chart.
  • For bears, price closing above the 78.6% will be bad news as it gives chance for a bigger rally and a possible breakout above weekly high's. Getting resisted at these levels should result in a swing down, For a larger correction the channel of four hour chart has to breakdown. 


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