May 2, 2014

  • Bank of america daily chart staying below 200 SMA. Price has to move back above this line to avoid a bigger correction
  • Weekly chart shows price pausing at 23.6% Fib level and recent resistance level which is trying to act as support. A weekly bullish candle at this level may save BAC bulls from bigger fall.

  • Crude oil daily chart shows price trying to hold above the 200 Day SMA
  • 4 Hour chart too shows price trying to hold above crucial support zone which was discussed yesterday.

  • ES 4 hour chart shows price testing resistance zone.
  • Yesterday's support level of 50 Hour SMA continues to work well. Only an hourly close below this level can give a bigger fall.
  • SPY Daily chart shows price near resistance zone.
  • Weekly chart shows the up trend still intact. The negative divergences has failed to perform as shown in last chart. Chances of an upper breakout is high again.


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