October 10, 2012

  • Crude oil hits the horizontal resistance zone of 4 Hour chart.
  • Daily chart has 50 Day SMA just above this resistance zone.
  • Bulls need a close above this level for the FALLING WEDGE mentioned earlier to extend gains.
-->


 
  • Apple hourly charts continue to look weak as it trends down below the cloud and 50 Hour SMA.
  • Daily chart is giving hope for bulls with a Hammer candlestick. But price is yet to test the up trend line of daily chart.
  • CRUDE OIL FALLING WEDGE
-->


 
  • ES Daily chart testing 50 Day SMA. Bulls would need a Doji daily candle at this level for a possible up move.
  • Second chart shows ES below the rising black support line. Shaded portion may save ES bulls from a bigger fall.
  • Below the shaded portion the Double top or a Bearish M will be effective.
  • CRUDE OIL FALLING WEDGE
-->
   
  • Nifty daily chart shows macd sell signal and possible support at 20 Day SMA. Bears need a close below 20 SMA for a bigger fall.
  • Weekly chart shows support at 5629 which was the previous resistance level.
  • Price has been staying above golden ratio for quite sometime now. So falling back below it on weekly closing basis will be negativ ef
  • ES has fallen below the support line of the ascending triangle which is bad for bulls.
  • But bulls has crucial levels to their support in 200 Period SMA of 4 Hour time frames and Horizontal support lines.
  • Breaking below the horizontal support lines could set ES for the Double top Target which is about 40 points below these lines.
  • CRUDE OIL FALLING WEDGE
-->

  • Crude oil falling wedge was discussed few days back and it has given a breakout. But price will face stiff resistance near 94 levels and 50 Day SMA.



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.

Followers

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