September 29, 2012

  • Apple Monthly chart with a bearish Pin Bar candle.
  • Weekly chart shows MACD Negative divergence. 
  • Daily chart closed below 20 Day SMA. Immediate support levels are 655 and 50 Day SMA.
  • Bigger correction can be seen once price below 50 Day SMA and 644 levels.

  • Crucial support levels for the coming week are 143.09,142.21 and the rising support line shown in first chart.
  • Second chart shows the false breakout from the rising wedge. This can give bigger falls if price starts to trade below 142.21.
  • Last chart shows how the overbought readings can remain overbought while prices continue to move up. A correction is possible if the Stochastic lines fall below 80% line.

  • NIFTY Month chart shows price closing above 20 Month SMA and 5 Month High EMA after many months of failed attempts.
  • Weekly chart testing previous resistance level of 5735.
  • Daily chart continue to sustain above 10 Day EMA. Daily candle looks similar to a shooting start not perfect but looks bearish, One negative for bears here is that price closed above 5 Day High EMA.
  • Crucial levels in daily time frame is shown in last chart.


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