June 11, 2013

  • Bullish structure of daily time frame is intact. Price continues to make higher lows and high's.
  • Price has also move above the falling resistance line in daily time frame. Price sustaining above the monthly resistance line will extend this up move. Falling below this line may result in sharp correction.

  • Google daily chart trading above 20 Day SMA and Hourly cloud.
  • Weekly charts Bullish hammer is getting price follow up so far.
  • Price holding above 20 SMA may extend this up move.

  • Gold monthly chart shows price trading below 50 Month SMA.
  • If the big round number at 1300 which is the 50% Fib level gets broken then a bigger fall towards the golden ratio is possible.
  • Weekly chart shows price trading below 200 Week SMA. Weakness can be seen on price falling below 1321 levels.
  • Nifty one hour chart shows a bearish cross with 200 and 50 Hour SMA.
  • Hour chart also shows a bearish head and shoulders pattern.
  • Four hour chart shows price moving towards Golden ratio.

  • Daily chart shows price moving away from 50 Day SMA.
  • Second chart shows price approaching 200 Day SMA. Price is also nearing Golden ratio.
  • There is a chance of support confluence with 200 SMA and Golden ratio, But one should consider the strong down trend before trying any adventurous trades against the current trend.. 


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