November 17, 2012



  • Daily chart of apple has given a Hammer, Hammer does not look perfect But the volume for the day looks good. Bulls need more up moves to confirm this reversal pattern.
  • Weekly chart shows Stochastic in oversold zone. For this setup to work in favor price must sustain above 522 levels.
  • Finally the hour chart shows price continuing its stay below the cloud. Price must trade above the hourly cloud for a bigger reversal to happen.
  • S&P 500 ANALYSIS AFTER CLOSE
-->

  • SPX Closed the week below the Rising wedge pattern.
  • Price is testing 50 Week SMA. Bears need a full weekly candle below 50 Week SMA to confirm a bigger breakdown. But for now the shadow of the current weekly candle suggests of an oversold bounce.
  • Bulls also has the support of the Golden ratio. But this bounce may not be a bigger one unless price decides to move above 200 and 20 Day SMA quickly. 
  • ES CHART ANALYSIS
-->


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