August 1, 2012

  • Silver breakout has hit resistance at swing high
  • Price still inside the range between 26.11 - 28.45
  • Silver bulls need a cloud breakout for an extended up move.
  • For now price is testing the trend line which was broken earlier. Taking support here an up move looks possible.

  • GOLD Daily chart shows a false triangle breakout.
  • Price sustaining withing the triangle pattern may save bulls from a bigger fall.
  • Earlier price got resisted near 200 day SMA.
  • Not breaking below the daily cloud may result in a pullback in favor of gold bulls.

  • CISCO near daily resistance line
  • 50 Day SMA will act as resistance level.
  • Down trend will be strong below the daily cloud.

  • ES Daily shows a bearish engulfing pattern.
  • ES one Hour charts shows a range.
  • Price need to resolve this range for a bigger move to happen.

  • Nifty month chart failed to confirm upward momentum by closing below 5 Month High EMA and the falling resistance line.
  • Weekly chart is testing 5 Week High EMA. Week has to close above this moving average and the resistance line to confirm a breakout.
  • Daily is trading above 5 Day High EMA and 20 SMA. Daily is also trading near golden ratio which should be crossed on a closing basis

  • Tata motors near daily resistance line.
  • Price also near 50 and 200 SMA which are ready for a bearish cross. 236  -  237 levels may act as strong resistance.
  • For Price to extend the up move it has to sustain above 50 Week SMA , 50% Fib level and the resistance zone of 236 - 237.

  • ES Four hour chart shows a range breakdown in favor of bears.
  • Price has fallen below 50 Hour SMA.
  • Bears need a cloud breakdown in one hour chart to extend the fall.

  • 4 Hour chart shows negative price action at the channel resistance line.
  • Smaller time frames like 15 Minutes are showing bullish flag pattern.
  • Hour chart has to sustain above 20 Hour SMA and 138.10 levels for the bull flag to do well. 
  • Price falling below 138.10 will weaken the bull flag pattern.


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