March 22, 2013

  • Apple one hour continues to look good. Price has to close above the recent swing high above 460 for the up move to continue
  • 50 Day SMA is getting tested. Apple bulls need a daily close above it to continue the up move.
  • Daily cloud is positioned well for apple bears despite the current up move. 
  • ES Four hour chart with a Diamond pattern. Since its forming at the top of the trend this can work as a Diamond top But there are occasions where this pattern has acted as continuation pattern as well.
  • Crucial support line to break and close below is the 100 period SMA of four hour chart  
  • NIFTY Nearing 200 Day SMA.
  • Price closed below 78.6% Fib level. Next support levels are 200 SMA and the Swing low of 5548.
  • Weekly line chart also shows a support zone between 5564 - 5574. A weekly  below this zone will favor bears to extend gains.

  • Tata motors daily chart testing 200 Day SMA.
  • Crucial supports to hold are 268 - 269 levels. Below this level price could target the rising support line shown in second chart.

  • Today's closing looks good for bears although price narrowly missed a bearish engulfing pattern.
  • Price is trading in the bearish part of the channel as shown in second chart and has immediate support at 20 Day SMA or 1538. 
  • Trading below 1538 price may test the support line of the channel.
  • GOLD Daily chart moving towards the daily cloud and Falling resistance line.
  • 4 Hour chart is testing its recent swing High. Breakout above this level should lead to the resistance levels shown in daily time frame. For a bigger up move price must sustain above the daily cloud and falling resistance line.


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