February 8, 2014

  • IWM Daily chart shows resistance at 100 and 50 Day SMA.'s
  • Long shadow of Weekly candle looks bullish But price need to stay above 20 Week SMA for bigger up moves to happen.
  • Last chart shows a convincing breakdown from the daily channel. This bounce should take price back into the channel for resuming the primary trend. Weakness at the broken channel support line may resume the down move.


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