December 5, 2012

  • First chart shows gold below a supporting trend line But price is closer to crucial support levels.
  • First Support is the Swing low in daily chart at 1672. 
  • 50% Fib level and 200 Day SMA may is a support confluence which may act as strong support for gold.
  • EURUSD Daily chart shows resistance zone between 1.3140  -  1.3168. EURUSD Bulls need a daily close above this zone for a possible up move.
  • Weekly chart shows 38.2% Fib level stopping a bigger up move till now.
  • Last chart shows price violating the falling resistance line from 1.49 levels. Weekly close above 38.2% Fib level should result in a bigger up move.

  • Crucial resistance levels in daily chart are 50 and 200 Day SMA.
  • Daily charts indicators are at overbought zone which will be effective if price starts to trade below 20 Day SMA.
  • Weekly candle is testing 50 Week SMA. A weekly close below 50 Week SMA Should resume the fall.
  • Bank Nifty Daily chart shows the range breakout target which comes to about 12365. 
  • Bank nifty already testing a resistance line which was discussed few weeks back
  • For bulls price should sustain above the resistance line and 80% Fib level for a bigger up move to happen.
  • Dow Jones unable to move above previous support zone will favor bears. Bulls of Dow need a close above 12977 - 13038 zone and above 200 Day SMA for things to turnaround.
  • 50 Day SMA falling towards 200 SMA is also negative for bulls.
  • Possible breakdown again if price breaks below 20 Day SMA.
  • Copper weekly chart shows price moving towards the resistance line of the triangle pattern.
  • Daily chart shows price testing the daily cloud and resistance line. For bulls Price should breakout above the resistance line and cloud for a move towards the weekly resistance line.
  • Price is expected to stay inside this weekly price contraction for one or two months before it breaks out of this big triangle pattern.


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