August 11, 2012

  • QQQ Weekly chart shows MACD Buy signal.
  • 2nd chart shows weekly consolidations which continues to give upper breakouts.
  • Daily chart shows negative divergence which may give a correction in favor of bears.

  • GOOGLE Daily MACD is getting ready for a sell signal.
  • Weekly Bollinger bands show price near upper bollinger band. Last two hits at weekly bollinger hand has worked well for google bears.
  • Last chart shows an overbought weekly stochastic But price has not confirmed bearishness yet.

  • SBI daily chart shows a high volume breakdown.
  • Weekly triangle pattern too has breakdown in favor of bears.
  • Next crucial support level is at 1802. Weekly stochastic continue to favor bears if 1802 does not hold then deeper correction can be seen.


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