December 28, 2012

  • SPY Near crucial support levels in daily chart.
  • 38.2% Fib level for 128 - 148 is giving support for now.
  • Daily chart is also near 200 Day SMA.
  • More falls if these levels are broken on closing basis.

  • Daily chart shows support and resistance lines of apple.
  • For bulls of Apple week must close above the two support lines drawn in second chart.
  • last chart shows 20 Month SMA trying to stop a bigger fall from happening. A monthly close below this level could lead to bigger falls in Apple
  • Bank of America daily chart shows price moving up in an ascending channel. Price sustaining inside the channel will continue to favor bulls of BAC.
  • 2nd chart also shows price with MACD. Daily MACD is still going strong, No sell signal yet. Bears need a channel break and MACD sell for bigger correction.
  • Weekly chart shows price making higher high while indicator making lower high. In strong trending market this doesn't mean much. Bears need weakness to confirm weekly negative divergence.
  • FACEBOOK Daily chart sustaining below 20 SMA may extend gains for FB bears.
  • Next fib support at 38.2%. A Stronger support level at 50 Day SMA and 50% Fib level.
  • Last chart shows previous resistance zone at 24.25 - 24.54 If the correction extends this level may act as support.
  • NIFTY continues to trade inside the range with two false breaks on either side.
  • One has to trade this 100 point range till a close beyond the false breaks happen on closing basis.

  • CRUDE Oil bulls testing the resistance line in daily chart.
  • Weekly chart shows price moving towards 50 Week SMA and the falling resistance line. If the resistance line in daily chart gets broken we could see a move towards 94 - 95 levels.

  • Dow Jones daily chart testing 200 Day SMA and crucial support level at 12977. Daily close below these levels could take Dow towards 50% Fib level as shown in 2nd chart.
  • A bigger fall looks likely if the pattern shown in last chart starts to perform. Two weekly candles before the current week candle tested the broken support line of the rising wedge and price failed to get back into the pattern, If price closes lower this week we may see the pattern taking effect again leading to bigger falls. 


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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