October 7, 2013

  • Gold is nearing a crucial resistance line. Gold bulls need a breakout here and has to sustain above 50 Day SMA for a sustained up move to happen.
  • Bearish case for gold is the Descending triangle shown in daily chart. Gold bears need a daily close below 1270 for a bigger correction to happen




 
 
  • ES Daily chart shows price near rising support line
  • 4 Hour chart shows Golden ratio acting as support.
  • Last chart shows a slopping resistance line in four hour time frame which is working well for bears so far.
  • US Dollar Weekly support line
-->
 
 
  • Price near 100 Day SMA and 50% Retrace level. 
  • Holding above 100 SMA will be negative for the banking Index. BN Bulls need a daily close below 100 SMA for the USDINR Pair which should result in an up move for Bank Nifty.
  • US Dollar Weekly support line
-->

  • Weekly chart of JPM shows a bearish possibility. Price is trading below the weekly up trend line. Sustaining below this line price is likely to face selling pressure at higher levels.
  • Immediate resistance levels are at 50 Day SMA and the daily cloud. Only a breakout above the daily cloud on closing basis may change the bearish Scenario for JPM.
  • US Dollar Weekly support line
-->


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