December 26, 2013

  • Price staying below 200 Day SMA will be negative for the stock.
  • Weekly chart shows price breaking below the crucial rising support line from 8.81 levels. Next crucial support in chart is 14.3 level. Fib level shows 38.2% at 14.51.
  • Up moves from here may find it hard to cross 200 Day SMA.
  • SILVER Ascending triangle
-->



UPDATED CHART
  • Ascending triangle discussed below has resolved in favor of silver bulls

  • Silver one hour getting resisted at 200 Hour SMA.
  • One hour also looks like an ascending triangle. Pattern needs a close above 200 Hour SMA for  a bigger up move to happen. Closing below the rising support line may lead to 19.30 and 19.10 levels.
-->

  • SBI daily chart trying to form a base around the 50 Day SMA as shown in first chart. Crucial support here is 1712 level. Close below 1712 will be bearish. For bulls need a close above 20 Day SM to gain strength.
  • Price yet to recover from the big bearish engulfing pattern in weekly chart. For this particular pattern need to break below 20 Week SMA for bigger falls to happen.

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