April 9, 2013

  • Gold daily chart with resistance levels.
  • Price near daily cloud and 50 Day SMA Which has acted as stiff resistance level so far. 23.6% Fib level may also acted as resistance.
  • ES Shows a small range around the 78.6% Fib level.
  • breakdown should take price towards the Golden ratio again. Breakout should takeout the recent high.
  • Breakout turned out to be a false spike out of the channel. When pattern fails it mostly gives good trades on the opposite side. Price re-entering  the pattern is a good place to take a short in this case. 
  • SBI Has given  a channel breakout shown in 15 Minutes time frame.
  • Immediate targets or resistance levels are 2071 and 2084

  • As shown in the last chart if price continue to sustain below 11125  -  11225 zone bears will gain further strength.  
  • For bulls the task is simple, Price has to move back above 50 Week SMA and the above mentioned zone for a possible up move towards the broken up trend line shown in first chart. 
  • Sustaining below 11125 - 11225 should lead to 10900 , 800 and 700 levels.


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