August 10, 2012

  • SPY Hour chart in a range.
  • Price is trading above 50 Hour SMA. Breakdown from the range may take price below 50 Hour SMA and towards the up trend line.
  • Negative divergence is giving sideways correction, breakout above the range may take price towards 142 levels.

  • Crude oil daily chart shown with the corrective up move.
  • Price is in a bearish continuation pattern. 
  • As long as price stays below 200 SMA this can only be called as a corrective up move.
  • A bigger up move is possible only if price starts to trade above the weekly cloud, 61.8%(Golden ratio) and 200 SMA.

  • GS Daily chart testing 100 and 200 Day SMA.
  • Price also near the GAP in daily chart as shown in second chart.
  • Last chart shows Fibonacci resistance levels.

  • CISCO Moving towards 50% Fibonacci level.
  • Daily chart also shows price testing 100 Day SMA.
  • Last chart shows price nearing the resistance line of the broadening pattern. Bulls must stay above this line to extend this up move.

  • ES one hour chart shows price in a range.
  • One hour chart also shows price with 100 and 200 Hour moving averages. Below the range price is likely to test 200 Hour SMA
  • 4 Hour chart shown with Fibonacci levels and previous resistance levels which may act as support.

  • Weekly line chart shows a crucial support resistance line. Weekly close above this line will strengthen bulls further.
  • Bulls need to close above 100 Week SMA and the falling resistance line for gaining momentum.
  • Weekly upper and lower bollinger bands has acted as turnaround levels in the recent past. If price moves above 100 Week SMA then it could lead to upper bollinger band at 5450.
  • Caution: If its a bearish day today we might see a bearish weekly candle.

  • Price staying below the broken trend line shown in first chart is favor bears to continue the down move.
  • Strong resistance at 50 Day SMA and  200 Day SMA.
  • Last chart shows a pennant like formation which is formed after a down move, So this can act as a bearish continuation pattern.
  • BIDU Testing Golden ratio.
  • Price is sustaining above 200 Day SMA which should help bull to extend the up move.
  • Price testing weekly cloud and bulls need a weekly cloud breakout for a bigger move to happen


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