March 24, 2014


  • Facebook daily chart shows price trading below crucial support zone.
  • Price is testing 50 Day SMA and nearing daily cloud. Price if sustains below 50 day SMA may target the GAP shown in first chart.

  • Gold weekly chart has a bearish engulfing pattern.
  • Engulfing pattern will gain strength if price starts to close below 50 Day SMA and 38.2% Fib level.




  • Nifty trading in a small range.
  • Price if shows weakness may retest the previous range's resistance level. Bigger weakness only if price starts to trade back into the previous range.
  • Last chart shows a possible weekly resistance line. Bulls must stay above this line to avoid a correction.

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