December 20, 2012

 
 
  • SILVER Daily chart breaks below 200 Day SMA.
  • Price breaks below the Bearish M discussed in yesterday's post.
  • Price now testing golden ratio. If this level is not held price is likely to test 78.6% retrace level.

 
 
  • Bidu daily chart approaching the Ichimoku cloud.
  • Daily chart also near 50 Day SMA and the channel resistance line. For a bigger pullback price has to close above these resistance levels.
  • Getting resisted at these levels could lead to a retest of the lows.
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  • ES One hour chart sustaining below 50 Hour SMA may lead to a bigger fall.
  • Four hour chart shows price above the cloud. For a bigger fall price must break below this cloud.
  • Daily chart shown with crucial support lines for bulls to hold above.
  • SPX ANALYSIS AFTER CLOSING BELL
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  • BAC Daily chart shows a bearish engulfing pattern. Engulfing patterns needs confirmation with price advance and Volume increase.
  • Weakness in weekly chart at Golden ratio and 200 Week SMA. Bulls need to close the week above these two levels which will also negate the bearish engulfing discussed above.
  • SPX ANALYSIS AFTER CLOSING BELL
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  • Reliance power with a triangle pattern in daily chart.
  • The support line of the triangle and the 100 SMA may act as confluence of support. If this level breaks we may see deeper falls in this stock.
  • Breakout in favor of bulls from the smaller triangle should also takeout the crucial falling resistance line shown in weekly chart for a bigger up move to happen.
  • NIFTY 50 STOCKS REALTIME 5 MINUTES CHART WITH AUTOREFRESH
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UPDATED CHART
  • Range discussed below has given a good trade for intraday bears.

 
 
  • Nifty hour in a range.
  • 5 Minutes chart also shows a range.
  • Break of the smaller range may lead to a bigger move.
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  • NIFTY Daily chart shows a range at the top.
  • Daily RSI Moving down from overbought region may stop bulls from breaking out of the range. 
  • Weekly chart also shows a resistance line and MACD Negative divergence which may make it tougher for bulls to breakout.
  • NIFTY 50 STOCKS REALTIME 5 MINUTES CHART WITH AUTOREFRESH
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  • SPX One hour chart shows weakness But price yet to break below crucial supports like Hourly cloud. Bigger falls can be seen if Hourly cloud does not hold.
  • 4 Hour chart too shows price above the neck line of the inverted head and shoulders pattern.
  • Daily chart almost gave a Dark Cloud cover pattern. If the opening was slightly higher for the day candle we should have had a perfect Dark cloud cover pattern. Now for bulls price must sustain above the falling resistance line which was broken earlier. 
  • QQQ CHART UPDATE
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  • QQQ daily chart near 100 Day SMA. 
  • Price is also near Golden ratio and Testing the daily Ichimoku cloud. Price need to stay above these levels on closing basis for a bigger up move to happen.

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