July 16, 2013
- Silver major trend continues to stay down as price trades below 50 Day SMA.
- But four hour charts are trying to form bullish patterns. 4 Hour chart shows a bullish ascending triangle pattern. Price is trading above 4 Hour cloud.
- Any breakouts if happen should takeout the 50 Day SMA for a bigger reversal to happen.
- Reliance capital shows multiple resistance levels. Daily chart shows a bullish pattern but need to break and close above the resistance line to continue the up move.
- Price is also near the upper bollinger band and Ichimoku cloud in weekly Time frame.
- So Bulls of reliance capital need a close above 392 - 398 zone to extend the up move. Weakness on price falling below 373 levels.
- Facebook Daily chart near falling resistance line.
- Fib levels in daily chart shows price near Golden ratio.
- Last attempt to stay above the cloud resulted in a sell off. This time for a breakout above the resistance levels price has to sustain above the daily cloud. Weakness on price falling back into the cloud.
- ES CHART ANALYSIS
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.