March 28, 2015

  • Google weekly chart shows another bullish attempt getting rejected at the resistance line
  • Daily chart shows price falling from a bearish engulfing pattern. Price has also closed below 200 Day SMA.
  • Levels which Google bears need to break are 38.2% Fib level, 50 Day SMA and 544 on closing basis. Below these levels bigger correction is possible.

  • Crude oil up move got resisted at 100 Day SMA.
  • For crude oil bulls price needed to stay above the daily cloud instead price falls back and closed below the cloud.
  • As the second chart shows price is still inside the daily range. For bigger moves in crude oil this range must be resolved.

  • Nifty is near its 200 Day SMA
  • Daily chart shows Oversold RSI. This set up needs help from 200 SMA. If 200 SMA holds bulls may get a reversal.
  • But weekly chart is looking good for bears. As the weekly candle has closed well below 20 Week SMA after a long GAP. 
  • I have shown RSI as oversold. If this is going to be a trending market. The oversold indicator will remain oversold and prices may keep falling. So 200 SMA is crucial for longs.


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