July 27, 2012

  • EURUSD Daily chart moving towards resistance line and 50 Day SMA.
  • Trend of daily time frame will stay in favor of bears as long as price trades below the cloud.

  • Gold weekly chart shows price testing crucial support resistance zone between 1620 - 1640.
  • Crossing this zone on weekly closing basis will take gold towards the weekly falling resistance line from 1920 - 1720.
  • Daily chart shows price above 100 Day SMA Which is good for bulls But price is also near 200 SMA which should also be crossed for a bigger up move to happen.

  • ES Charts shows price moving towards crucial resistance levels.
  • Last chart with fibonacci levels shows Two corrections from near 78.6% fib level. So there is a chance of a Triple top kind of correction. 
  • Breakout above 78.6% would negate the above bearish view and a revisit of the recent High's are possible.

  • Nifty's counter trend move happening at a faster rate. But price is catching up with resistance levels.
  • From 5150 - 5156bulls must deal with 100 Day SMA, 5 Day High EMA 
  • If price crosses the above mentioned level then the GAP and the Falling resistance line will come into play. 
  • For a possible trend change price must sustain above all these levels.

  • SPX Took support near 50 Day SMA and the bounce took price above 100 Day SMA.
  • Weekly chart shows price above 20 Week SMA But price is still stuck in a range in weekly chart. Price nearing the upper end of the range or resistance levels.
  • 4 Hour line chart shows possibility of this move getting extended if price stays above 50 period SMA. This setup has worked well in the recent past.


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