November 4, 2014

  • Crude oil continues to give bearish breakdowns as seen in daily chart. Descending triangle discussed in an earlier post has worked well for CL bears.
  • Right now price is testing crucial support zone as shown in Month Time frame. Price action for now looks bad for Bulls of crude oil.

  • First two chart shows possible support levels in One hour time frame.
  • 4 Hour chart shown with a possible support line.
  • Bigger fall only if price closes below 100 Hour SMA and the Hourly cloud.

  • Resistance levels for reliance industries in daily chart.
  • Close above 1013 levels will strengthen reliance bulls further.


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