December 11, 2012

  • QQQ Testing the neck line of an inverted head and shoulders pattern.
  • Daily chart has moved above 50 Day SMA.
  • Price in daily time frame is at the Daily cloud.
  • Bulls need a daily close above the neck line and 50 SMA for extending this up move. Sustaining above the daily cloud may lead to a bigger up move.
  • SPY Daily chart hits resistance line
  • Price testing daily cloud.
  • Daily chart moved above Golden ratio. For bulls price should sustain above 143.68 levels for a possible test of 78.6% Fib level.

  • CISCO Daily chart breaking resistance levels.
  • Weekly chart sustaining above falling resistance line
  • Only negative here for bulls is the stocks recent attempts to sustain above 200 Week SMA which has failed.  
  • Bidu testing the channel resistance line in daily chart.
  • Price also near 20 Day SMA.
  • For this bounce to continue price should close above the resistance line and 20 Day SMA. Negative daily candle should resume the fall.

  • ES Daily chart with ichimoku cloud shows a cloud breakout. Bulls need a bullish candle to confirm the breakout.
  • Next chart also shows the potential resistance lines for bears. 
  • Last chart shows the hourly time frame with the ascending triangle pattern.

  • TCS has closed below 200 Day SMA.
  • Daily chart is also showing a range breakdown. Range was for 92 points so we can expect a similar move to the down side if price sustains below 200 SMA.
  • Weekly chart with up trend line may save bulls from a bigger fall.

  • SPX Yet to cross the crucial resistance band of 1422 - 1426 level as shown in first chart.
  • Daily chart also near Golden ratio.
  • Price managed to close above 50 SMA But price action does not look convincing for bulls yet. 


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