July 8, 2015

  • ES Daily shows price up moves struggling to cross or close above 200 Day sma. 
  • Week is trying to stay above 50 Week sma. Weekly close below this line will extend gains for bears. Bulls need a close above 200 day SMA.

  • Gold daily testing support zone.
  • Week is trending below the cloud. If the weekly time frame is to continue the trend daily support zone is at risk. Weekly cloud continues to act as stiff resistance.
  • If bounces from daily support zone an up move possible towards the upper end of the range shown in first chart

Nifty one hour chart
  • One hour chart shows price testing cloud base. Bears need a close below the cloud to extend gains. Bulls hoping for an intraday reversal from this level.
  • Daily looks bad for bulls so far. But bears need a close into the cloud to extend weakness into the coming days.

  • Nifty is above 100 day SMA and the Golden ratio. Although in positive zone yesterday's candle shows indecision. Bulls are seeing a possible Bullish W pattern with possible targets around 8800 levels. For that price need to stay above the daily cloud. Closing back into the cloud will strengthen bears.


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