- Weekly chart with MACD indicator shows a buy signal which will be effective if price breaks the range shown in the first chart.
- On breaking above 1422 the second chart comes into play were price will target the resistance line of a larger contracting pattern.
- Daily chart shows the support and resistance levels for the coming week. Sustaining above 78.6% would target 1406 and higher. Crucial support levels are the Golden ratio and 100 Day SMA.
- IWM WEEKEND UPDATE
August 4, 2012
- Daily chart has resistance at 100 Day SMA and falling resistance line.
- Weekly chart shows a contracting triangle pattern and Support at 50 Week SMA.
- Weekly stochastic has a sell signal which will be effective only if price trades below 50 Week SMA and 76.22 level.
- Daily chart will favor bulls above 100 Day SMA and falling resistance line. Crucial resistance at 81.84 level.
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.