April 30, 2015

 
  • Crude oil 4 Hour chart shows bullish price action. No weakness seen yet in this time frame.
  • Weekly chart too is looking good for crude oil bulls. week candle managed to move above 23.6% fib level. Crude bulls need a weekly close above this level to extend gains.
  • Next hope for crude oil bears is the 200 Day SMA.
  • EURUSD Chart update: CLICK Here
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  • EURUSD Moves above 100 Day SMA.
  • Bulls of the pair needs to stay above the cloud and 1.10 levels.
  • Weekly chart has immediate resistance at 23.6% Fib level. For bears need a pause at these levels for  a possible correction to start.




  • Bearish engulfing got follow up price action. Now bears need to close and sustain below 50 Day SMA for bigger falls to follow.
  • If 50 Day SMA acts as support, Bearish engulfing will loose its strength.
  • Weekly chart has negative divergence with price and RSI But for this one to work Weekly candle has to close below 127 and lower levels.
  • ES Chart update: CLICK Here
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  • ES 4 Hour chart shows price testing crucial support zone. Bulls need to hold above this level to avoid bigger falls.
  • Daily 20 Day SMA is getting tested. Bears need to close below this level for bigger falls to follow.




  • Daily chart need to close outside the range shown in first chart. Price will extend the down trend on closing below 8185.  Closing above 8308 may result in a bounce.
  • 50 Week SMA continue to hold. Bears need to close below this line for extending the fall.
  • The broken broadening formation is looking good so far for bears. There can be a bounce towards the support line of the pattern or partly into the pattern before the next big fall can happen.
  • Tata Steel chart analysis: CLICK Here
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  • Tata steel shows bearish price action in daily chart when price was testing 100 Day SMA yesterday. But there is still hope for bulls as price is above the rising support line in daily chart.
  • Month candle looks bullish so far. Closing near the high's will keep the momentum intact into the next month.
  • Most crucial thing for Tata Steel bulls is the channel resistance line in weekly chart. If price shows weakness at this line the correction may resume.
  • Nifty broadening pattern: CLICK Here
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April 29, 2015

  • EURUSD Daily candle moves above crucial resistance levels. Bulls of this pair need a daily close above these levels to extend this up move.
  • Pair moves above daily cloud. Last time pair was above the cloud when it was trading around 1.37 levels.





  • ES 4 Hour chart shows price near rising support line and cloud. Bears need a close below these levels for bigger falls to happen.
  • Daily shows price taking support near 20 Day SMA. Long shadows at 20 SMA shows good support till now. Bears need a daily candle to close below this line for a correction to happen.
  • GOLD Testing 200 Day SMA: CLICK Here
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  • Gold testing crucial resistance levels.
  • Gold bulls need a breakout and daily close above these resistance levels to continue this up move.
  • Weakness here will take price back below 1180 levels again.



  • Apple daily has given a bearish engulfing pattern with Good volume increase. Now the pattern needs follow up price action to confirm weakness at top.
  • Price need to close below 127 levels and 50 Day SMA for bigger falls to happen. If price stays above 50 day SMA it will favour bulls to break above the swing high's.





  • Nifty daily RSI and price has given good signals lately. Right now RSI is at oversold zone But price is moving around 200 Day SMA.
  • Weekly chart shows price at 50 Week SMA and Testing up trend line. If these two holds the RSI long trade can work here. Risk Reward is also looking good, loss can be about 100 points while Reward  if nifty bounces will be more than 300 points. 
  • Nothing is certain here as bulls need to do more from the above mentioned support levels.
  • Bank nifty chart update: CLICK Here
  • INFOSYS Chart update: CLICK Here
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  • Bank nifty bulls trying to stay above 17500  -  17700 support zone.
  • Daily chart clearly has a Bearish or Topish pattern But for bulls there is hope in 200 Day SMA.
  • Weekly RSI is looking interesting. Weekly RSI is fast approaching oversold zone but price relatively has not fallen that much. If the support zone between 17500 - 17700 holds a reversal too looks possible.
  • INFOSYS Chart update: CLICK Here
  • NIFTY Chart update: CLICK Here
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  • Infosys has moved below 200 Day SMA. Bears are slowing down as they approach 1900 levels. Crucial support zone between 1890 - 1900 levels.
  • Right now price is resting at 50 Week SMA below this line price should test 1900 levels.
  • NIFTY Chart update: CLICK Here
  • Bank nifty chart update: CLICK Here
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April 28, 2015


  • Crude oil 4 hour chart continues to be in an up trend. Larger time frames are yet to turn bullish.
  • Weekly chart is trying to form a double bottom pattern. 
  • Price is pausing at 23.6% Fib level for about 3 weeks now which is a cause of concern for crude oil bulls. But price yet to give any bearish price action at this level.
  • EURUSD Resistance levels: CLICK Here
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  • EURUSD Approaching possible resistance zone in 1.10 levels.
  • Bulls of EURUSD Need to close above the cloud and 100 SMA For bigger up moves to happen.




  • As first chart shows the dips or corrections have not affected the trend and price manages to move above key Swing high's. Right now price is testing another swing high.
  • More strength for bulls on a daily close above 133.6 levels and Weakness below 131.5.
  • Daily RSI is moving to the strong zone above 70%. If RSI stays here price will move up further. Weakness if RSI falls back below 70% Line as explained in chart 3.



  • ES Daily candle shows price getting rejected at the resistance zone. 
  • Bullishness will remain if price holds above the rising support line and 4 Hour cloud shown in next charts.
  • Bears need to close below the cloud to keep the price range bound.



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