February 22, 2013


  • BAC Closed the day below 20 and 50 Day SMA.
  • Price seeking support at the daily cloud.
  • If the cloud does not give support the bearish engulfing shown in last chart will take effect and a fall towards Weekly Middle bollinger band is likely to happen.
CHART -I (SHOWN ON 15-FEB)
UPDATED CHART

  • Broadening Top shown on a Previous post on MCX CRUDE OIL; Has worked well so far. 
  • Price sustaining below the falling support line and 50% Fib level will extend the fall towards Golden ratio.
  • 100 Day SMA is also at 50% Fib level so this level may try to protect bulls. Daily close below this level will extend the fall.
-->



  • Price testing 20 Week SMA or Weekly Middle Bollinger band.
  • Weekly MACD Lines are showing a bearish cross which need price to fall below 20 Week SMA for bigger falls to happen.
  • Daily chart shows a Head and shoulders pattern But price seeking support at 100 Day SMA.
  • Breaking 100 SMA or a Weekly close below 20 Week SMA will extend gains for bears. Taking support at the above mentioned levels may result in a bounce.



4 HOUR CHART
15 MINUTES CHART
15 MINUTES CHART
  • ES 4 Hour chart shows price breaking crucial moving averages and trying to do a bounce near 200 Period SMA.
  • 15 Minutes chart shows price testing the cloud. Sustaining above the cloud may result in a bounce.  
-->

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.

Followers

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