August 7, 2012

  • SPY 15 Minutes chart shows negative divergence. But price is not showing any weakness yet.
  • Price sustaining above the cloud will not give bigger falls.



  • CISCO Daily closes above 50 Day SMA.
  • Price testing the daily cloud.
  • If the daily cloud does not stop the bulls of CISCO then price could move towards 38.2% Fib level as shown in last chart with fib levels.
  • ES CHART ANALYSIS


 
  • ES One hour in a small channel.
  • Break below the channel and 50 Hour SMA may give good correction.
  • ES four hour chart is also showing a resistance line.
  • for the up move to continue price must breakout above the channel and resistance line.



 

  • Nifty is testing the triangle resistance line in daily chart.
  • Last chart shows price above 5 Week High EMA (5256). Sustaining above 5256 level should extend the current up move towards the weekly resistance line.
  • Week trading or closing below 5256 level will be negative.
  • RELIANCE CHART UPDATE

  • Reliance has given a breakout above the resistance line discussed in yesterday's post.
  • Price moved above 50 Week SMA.
  • Now bulls need a weekly close above 50 week SMA for the momentum to sustain. 
  • Weekly stochastic is nearing overbought zone so one should make sure that the stock sustains above crucial support levels.



  • Citigroup has given a trend line breakout. But stock will face resistance near recent swing high of 29.23 and 200 Day SMA at 29.90.
  • Daily close above these levels may result in a bigger up move.
  • BANK OF AMERICA CHART ANALYSIS


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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.

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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