September 30, 2013

 
  • Bank of America Weekly chart shows price testing the rising support line from 6.88 levels.
  • Daily chart is below 100 Day SMA, Strength for the stock on closing back above 100 DaY SMA and 13.96 level shown in chart 2 and 3. 


 
  • Price contraction continues in 4 hour time frame. Daily cloud is the crucial support. Closing below the cloud may lead to a breakdown from this contraction. For gold bulls the breakout is going to be tough as the overhead resistance levels looks strong.
  • CRUDE Oil Weekend update
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  • ES one hour chart shows price trending down in a channel
  • 4 Hour chart shows price testing the crucial 200 period SMA. Sustaining below this level could lead to a bigger fall, Recent violations of this moving average has resulted in good trading moves.
  • Hope for bulls is in the Golden ratio and previous resistance level which may turn support.
  • IWM Weekend update
  • DOW JONES Weekend update


 
 
  • Tata Steel daily chart shows weakness as price trades below 20 Day SMA and 23.6% Fib level.
  • Weekly chart shows price trading below 5 Week High EMA.
  • For this week price should hold above 283 levels to avoid further correction. Below 283 price may fall towards its 20 Week SMA. Strength only on a weekly close above 300 which is the week High EMA.

September 29, 2013

  • 57 - 58 level has acted as resistance zone for EBAY as shown in the weekly chart. Daily chart shows indicators at overbought zone which may lead to a fall towards 50 - 51 levels again.
  • IWM Weekend update
  • S&P 500 Weekend update
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  • CISCO Testing crucial support levels in daily and weekly chart. 
  • Weakness on closing below 200 Day SMA. Strength on closing above 23.56.
  • IWM Weekend update
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  • IWM Daily chart with RSI shows negative Divergence and RSI Overbought. Daily also shows price in a range. Breaking below the range may take price towards the channel support line shown in last chart.
  • S&P 500 Weekend update
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September 28, 2013


  • Dow Jones Weekly chart shows a shooting star candle and a follow up bearish candle.
  • Daily chart is at crucial levels. Sustaining below 50 and 100 SMA could bring down prices towards the support line shown in second chart.
  • S&P 500 Weekend update
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  • Crude Oil Month chart shows Weakness at Golden ratio. Twice before this setup has given good trades for Crude oil bears. Weekly chart shows price testing crucial support at 102 levels. Daily chart is trading below the cloud. Sustaining below the cloud means weakness. Closing below 102 levels may extend the fall. 
  • S&P 500 Weekend update
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  • Charts shows weakness and bears may gain strength on price closing below 20 and 50 Day SMA.
  • Setup in Weekly chart suggests a likely correction towards middle bollinger band before price move up again.
  • CRUDE Oil at support zone
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  • Crude oil testing crucial support zone. Bigger correction only on breaking below 102 levels
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September 27, 2013

 
  • Bank of America Daily chart testing 100 Day SMA. Last two dips below this level has resulted in up moves.
  • 2nd chart shows price violating support zone. Price may Dip towards the rising support line in weekly chart before a bigger bounce can happen.
 
  • GOLD Daily and Four hour charts shows price near crucial resistance levels.
  • Daily chart also shows price contraction which could give a big trading move on breakout.
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  • QQQ Bulls trying to keep price outside the Rising wedge pattern. Price falling back into the pattern may result in a false breakout trade which can give bigger moves in favor of bears.
  • Immediate support levels are shown in chart 2 and 3.


  • Nifty Trading in a range. Strength above 5960 - 5990 zone and Weakness below 5750-5790 area. 



September 26, 2013

 
 
  • JPM Daily chart shows price taking support at its 200 Day SMA. Second chart also shows price taking support at 50.07 - 50.11 support zone.
  • Last chart shows strong resistance at 50 Day SMA and the presence of the bearish Head and Shoulders pattern.

 
  • ES Continues to trade below the hourly cloud. But the 4 Hour chart is trading at crucial support zone. Close below 100 SMA should give the Golden ratio. Taking support here will invalidate the Head and Shoulders pattern.



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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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