April 30, 2014

 
  • Gold continues to trade below the resistance line and 4 hour cloud.
  • Crucial support at 50% Fib level.


  • Bank of America weekly testing confluence of support levels at 50 Week SMA, Lower Bollinger band and support and previous resistance at 15.03. Bulls of BAC are hoping for a bullish weekly candle closing above these levels for a possible bounce to happen.
  • Weekly close below these levels may lead to bigger falls.
  • APPLE BREAKING ABOVE RESISTANCE LEVELS
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  • Ambuja cements 4 hour chart shows price testing crucial support zone. Closing the day below 197 levels will further weaken bulls of this stock.
  • bearish engulfing discussed earlier continues to perform well.



  • Bank nifty pausing at weekly resistance levels till the news event is over.
  • Price is likely to trade in a range in daily chart.
  • 20 SMA is crucial, breaking below it can take BN towards the bottom of the range.
  • Amazon weekly chart shows price violating the rising support line. Weekly close below this line may extend the fall. Amazon bulls hoping for a bullish weekly candle.
  • Daily chart shows breaking support levels. 
  • 4 Hour cloud may act as resistance on up moves.
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April 29, 2014

 
  • Apple moves above resistance zone
  • Weekly chart shows price above Golden ratio.
  • Week and month close above 575 and Golden ratio may target the Monthly upper bollinger band.

  • ES 4 hour chart shows crucial support zone. 
  • chart 2 and 3 shows immediate resistance and support levels in one hour time frame.
  • Bearish engulfing is not showing proper follow up both in price and volume. 20 Day SMA is also trying to act as support.
  • If price does not violate 20 SMA an up move is possible today.
  • Negative divergence will be of no use if price does not break 20 SMA
  • Crude oil daily chart shows price violating the up trend line. Sustaining below the trend line may extend the fall towards the shaded support levels.
  • Golden ratio is shown in 4 hour chart. Hope for crude oil bulls if price holds above the golden ratio.
  • Last chart shows price testing lower BB. Closing the day below lower BB May extend the fall.

April 28, 2014


  • ES Hourly cloud acting as resistance.
  • 4 Hour chart shows support levels.


  • Gold daily chart shows crucial support at 100 day SMA.
  • 4 Hour chart shows resistance line and cloud as crucial resistance levels. Sustaining above these two levels may give a bigger up move.

  • Bharti Airtel weekly chart shows price contraction in a triangle pattern.
  • Price is nearing the upper resistance line of the triangle pattern. Staying 338 levels price may target 354 and the resistance line. 
  • There is negative divergence with macd and price but there is not trigger yet for a sell. weakness on closing below 338 levels

  • AMAZON Weekly chart shows price at the crucial up trend line.
  • Earlier daily chart got resisted near 50 and 200 Day SMA,
  • Month chart is testing 20 Month SMA. Month closing below this level will strengthen amazon bears. 

April 27, 2014


  • QQQ Daily chart shows a descending broadening wedge. Pattern breaks mostly on the opposite side of the prevailing trend.
  • Crucial support for qqq at 200 Day SMA.
  • Resistance at Daily cloud and 50 Day SMA.



  • Ambuja Cements daily chart shows a bearish engulfing pattern.
  • Price has crucial support at 20 Day SMA and 205 levels. 20 SMA should break on closing basis for the bearish engulfing to work well.
 

  • SPY Weekly chart shows possible Bearish PIN BAR, But correction if happens is likely to be small because of the up trend line from 134 levels.
  • Daily chart shows possible support at 20 day SMA and 38.2% Fib level.

April 26, 2014


  • Week and Daily charts candlesticks are showing some bearishness. Both these patterns need confirmation with follow up candles.
  • Weakness can extend if daily starts to close below 20 Day SMA. Rising up trend line shown in last chart is also crucial for bulls to hold above.




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.

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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