August 30, 2015

  • Last chart the monthly time frame shows price in contraction. It should move one way or the other. If price holds 195 levels a reversal is possible. One can wait for a monthly bullish candle to confirm the medium term reversal. If 195 does not hold then its more bad news for the long term holders of Tata Steel.
  • NIFTY Weekend update
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  • Weekly chart shows price moving below the neckline but bulls managed to take it back into the pattern again. Bears need a close below the weekly cloud and the neckline of the head and shoulders pattern for bigger falls to follow.
  • Bulls will face resistance in the GAP and the crucial moving averages shown in the last chart.



August 28, 2015


  • Crude oil weekly chart shows a bullish candle after 9 bearish candles in a row. Month chart is trying to form a bullish reversal formation which needs a monthly close at the current levels or higher. 4 Hour chart staying above the cloud will lead to more up moves.

August 27, 2015

  • Gold week and daily chart shown with resistance levels. Daily shows bulls struggling as price moves towards 200 SMA. Gold bulls need a daily close above 200 SMA for potential reversal to happen. But then the Weekly cloud is acting as long term resistance which is going to be tough to cross above in the near term.

  • DLF Weekly shows a possible falling wedge pattern. This pattern mostly works against the prevailing trend. For the pattern the levels 136 and 93 are crucial . One has to see a weekly close above 136 to confirm the pattern. While a close below 93 will keep the down trend intact.


August 25, 2015


  • ES Weekly chart shows crucial support zone. Strong support seen at this level. Bears need to break below this level for bigger correction to happen.
  • One hour chart shows resistance at cloud. Price need to stay above hourly cloud for bigger reversal to happen.




  • The effect of bearish engulfing at top never went away. After few months of sideways move the fall has started again. For now the GAP in weekly chart is crucial if price continues to stay below it another big fall is possible. Bears need price to stay below the weekly cloud on closing basis to extend gains. Cloud base may act as support for sometime.


August 24, 2015

  • ES weekly chart has fallen below the cloud But the smaller time frames are showing sharp reversals. If price stays below the weekly cloud then bears may resume after a pause or sideways move.





  • 200 SMA is broken by EURUSD Bulls but as price moves up it is approaching crucial resistance levels as discussed in chart 2 and 3. Bigger moves are not possible till the levels shown in day chart is broken 



August 23, 2015


  • Crude oil month chart shows price moving towards the lows made in 2008 and 2009. Price has violated crucial support zone in daily chart staying below this level will take price towards the lows of 2008 and 2009. 
  • Crude bears will remain strong as long as price stays below the 4 Hour cloud. any hope of a reversal only if price moves above this cloud.
  • ES WEEKEND UPDATE
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  • ES Weekly chart shows price closing below 50 Week SMA and price also testing the weekly cloud after a long gap. Oversold conditions may lead to a bounce or sideways movement at the cloud.
  • Bigger worry for bulls if the weekly cloud or the current support does not hold.


August 20, 2015


  • EURUSD Daily shows price moving above 200 Day SMA. Bulls need a close above this line to extend the up move. Immediate resistance seen in 4 Hour chart. This level must be crossed for price to move towards the Daily range top which is shown in last chart.



  • Crude oil daily chart shows price violating the support zone.
  • 4 Hour chart too continues to look bearish as price is trending below the cloud.
  • Hope for crude bulls only if price is able to move above the 4 hour cloud.



  • Gold moving towards the broken support zone in weekly time frame. Daily chart shown the same levels with crucial fib levels.
  • 4 Hour chart shows the start of a trending up move. This bounce will be safe till price stays above the cloud in this time frame. Price also needs to move above the previous broken support zone which may act as resistance now.
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August 19, 2015


  • Daily cloud and 38.2% Fib level seen as immediate resistance for silver.



  • There is no change in the bigger picture for nifty. Price continues to remain in a range. Long term trend of nifty will remain safe above the weekly cloud.
  • DLF at 200 SMA
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August 18, 2015


  • Crude oil daily chart shows price trying to hold on to the support zone. 4 Hour chart shows price moving towards the falling resistance levels. If a bigger bounce is going to happen that can be confirmed on price closing above  4 Hour cloud. Till that happens the down trend and bears are safe.





  • The Monthly candle shows the reason why DLF moved towards its 200 Day SMA. Now if the monthly candle decides to work well this can be a bigger bounce towards the falling resistance line shown in Monthly chart. But for that scenario to work price must stay above 200 Day SMA and get out of the bearish descending triangle pattern shown in weekly chart.


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