October 5, 2012

  • Intel Hits the long term support line from 12 - 19 - 22 levels.
  • Price is below 20 Day SMA and the down trend line.
  • Daily close above the trend line and 20 SMA should start an up move from weekly support line.
  • APPLE CHART ANALYSIS
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  • 4 Hour chart shows price testing 100 Period SMA.
  • 4 Hour chart also shows a contracting pattern which should give good direction once price moves out of it.
  • Weekly chart shows price yet to test crucial support level of 643 and the weekly up trend line.
 
 
  • CISCO Weekly chart shows price unable to break above 200 Week SMA
  • Daily chart is above 200 Day SMA which will keep bulls interested for an up move.
  • Daily chart is also above the Ichimoku cloud. Breaking above 19.74 or the 200 Week SMA should give a trending move in favor of bulls. 

  • First chart shows ES 4 hour chart breaking above resistance levels.
  • Daily chart shows price near recent high's. Closing the day above this level should add another 40 points to this trending move which should take ES towards 1500 levels.
  • S&P 500 ANALYSIS AFTER CLOSE
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  • Nifty futures near 50 Hour SMA.
  • Channel support and the support resistance zone near 5710 - 5730 may act as support.
  • Bigger correction may start on falling below these levels.


  • TCS Daily chart getting support near 100 Day SMA.
  • Weekly chart has a hammer at 20 Week SMA. More lows only on breaking this level.
  • Last chart shows weekly resistance line and Bearish Engulfing pattern. Price staying above this line should help bulls to resume the up move. Big weekly bearish engulfing will act negatively on up moves.

  • Bank nifty daily chart breakout from its 215 points correction should move above 11751 levels
  • Weekly chart shows next price resistance levels closer to 11900 levels.
  • Last chart shows MACD still in Buy mode. MACD Histograms have started to Diverge negatively but price keeps its up move going. Price also staying above 10 Day EMA which should help bulls to extend this up move.
  • S&P 500 EOD UPDATE
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  • Hour chart has closed above the contracting triangle. Price not showing big momentum and has some resistances to clear before confirming a bigger breakout.
  • Daily is showing good support at 20 Day SMA. Bears cannot hope for a bigger correction as long as price stays above this level.
  • Weekly chart trying hard to stay above the resistance line of the wedge. Clearing the range mentioned in the weekly chart should result in a bigger move.
 
 
  • Apple one hour chart shows a bearish cross with 50 and 200 Hour SMA.
  • Hour cloud is also acting as resistance as of now.
  • For bulls to resume the up move they have to break above 200 Hour SMA and the cloud otherwise this bearish cross may help bears to extend correction.

Disclaimer

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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"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