February 15, 2013

  • Gold near daily channel support line
  • 2nd chart is the weekly time frame which has fallen below 100 Week SMA. Price closing below 100 Week SMA may extend the fall towards weekly range bottom.
  • 30 Minutes is suggesting a bottom in place in shorter time frame and a bounce towards 38.2% Fib level is likely before the fall resumes again. 

  • Bank of America First chart shows price trying to breakout of the range and falling back into it. 
  • Price as long as it stays above the Rising support line shown in first chart or the 50 Day SMA Should continue to favor a bullish breakout.
  • Major resistance for the breakout is the 50% Fib level shown in the monthly chart. Once this level is closed on daily closing basis we may see a bigger up move in BAC. Daily close below 50 Day SMA should lead to a range breakdown.
  • MCX Crude oil daily chart shows price near Golden ratio.
  • Daily chart also shows a Broadening formation.
  • Weakness on closing below 5219 level. Closing above 5280 may lead to a larger up move.
  • Copper daily chart moving towards falling resistance line
  • Second chart also shows possible horizontal resistance around 450 levels.
  • So confluence of resistance may stop a breakout from happening and result in a selling opportunity. Look for weakness near 450 levels to go short.

  • Daily chart shown with the recent swing low of 5879 and the next support of 100 Day SMA if the swing low is taken out.
  • Weekly chart is shown with 20 Week SMA or Middle Bollinger band at 5834
  • Last chart shows the broken up trend line and the Horizontal support zone of 5815 - 5823. For a trend to reverse after a trend line break, price should break this horizontal support zone. So bulls can resume the up move again if they hold above 5815 - 5823 levels.
  • Ford daily chart trying to take support at 50 Day SMA.
  • Weekly cloud too shows price trying to hold above previous resistance level.
  • Last chart shows price near daily cloud. If price closes above 50 SMA this level could give an up move for bulls


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