February 26, 2016

  • Crude oil 4 hour chart shows a bullish ascending triangle pattern. Price violated the resistance zone but bulls were unable to stay above it. 
  • Daily chart shows previous support zone and Daily Ichimoku cloud acting as immediate resistance. Crude bulls need a daily close above these levels for a bigger up move to follow.

  • Two levels discussed in the morning post managed to stop bulls for now. Bulls need a daily candle closing above these levels for extending the up move. Bears expecting a bearish daily candle at this resistance zone.
  • ES Daily has moved above the crucial resistance zone at 1945 - 50. Now price is approaching a possible supply demand line as shown in chart 2. Bulls need a daily close above this line for a bigger up move to follow. Fib levels also shows the presence of Golden ratio around the same area. So bulls need to show momentum here to extend this up move further.

  • 13300 and 400 are previous resistance levels which may act as support. Golden ratio is also near 13100 levels. Daily continues to give lower lows. Daily close back above 13810 may give mild strength for Bank Nifty.

  • 5 Minutes chart shows a trending move and Price has closed into the resistance cluster or bulls just managed to close above it. Bulls may extend the up move if price stays above the 5 minutes cloud.
  • 4 Hour and Daily chart shows price closing above the resistance zone. Bulls need to sustain above 1945 levels to extend this up move.

February 25, 2016

  • ES may move sideways between 1880 - 1945 for sometime before making a big move.

  • Nifty one hour has reached previous support zone at 6961. 5 Minutes chart too continues to trend below the cloud. If a reversal is to happen from this level price will break back above the 5 Minutes cloud. Otherwise the recent low of 6869 is likely to get tested again.

  • Nifty one hour chart shows price near 6961 which is a crucial number for bulls to hold above. Violation of it could lead to a test of the recent lows. 
  • Its a strong trend even in the smallest of time frames. 5 Minutes trending below the cloud. Bulls need to break above it to arrest the fall. 
  • Strength if stays above 7031. Weakness below 6998 as shown in 5 Minutes chart.
  • S&P 500 Analysis after closing bell

  • SPX One hour took support at 200 Hour SMA. 1830 The reversal area is marked as immediate support zone. Hour likely to remain in a range between 1830 and 1950. Daily chart too shows a cluster or resistance at 1950 levels with 50 Day SMA and 50% Fib level.

February 24, 2016

  • Silver weekly cloud continues to act as resistance. Falling resistance line from 18 levels is also acting as resistance. Daily chart shows price above 200 SMA. Last time too price tried to stay above 200 SMA and failed. Weakness below the yellow shaded portion shown in chart 3. Bearish if price falls back below 200. 
  • Gold 4 hour chart shows price breaking out of the triangle pattern. Now bulls must sustain above the cloud and break above 1263 for extending this up move.
  • Bears need to keep price below or at 1263 levels for a possible double top to form. Mild weakness if price falls back below 1240 levels.

  • ES 4 hour chart shows weakness at the resistance zone of 1945. One hour shows price below the cloud. If price falls below 1898 level and the rising 200 Hour SMA there could be a bigger correction from the current levels. So bulls need to move back above the hourly cloud to avoid bigger fall.
  • Nifty one hour chart shows price below 50 and 200 Hour SMA. Till price stay below these lines weakness is likely to continue.
  • More weakness if 6961 gets tested. Mild strength if price starts to trade above 50 Hour SMA.
  • For intraday 7031 and 7090 are crucial numbers. Its a trending move shown in 5 Minutes time frame. If price moves above the cloud an intraday reversal is possible.

  • SPX Daily has started to show weakness at 50 Day SMA and 50% Retrace level. Now hour is yet to turn bearish. One hour will turn weaker if trades below 50 Hour SMA and 1902 levels.

February 23, 2016

  • Gold 4 hour chart shows a triangle pattern. 2nd chart shows price trying to stay above 4 Hour cloud. Triangle may favour gold bears if price close below the cloud. More strength above 1240 levels.
  • Crude oil 4 hour chart shows price near the apex of a contracting pattern. Price shall either break above the resistance cluster around 34 levels or break below the rising support line. Bulls need to stay above 50 Day SMA. Moving below 50 SMA and 31 levels again will keep the crude bears stronger. 

  • For nifty bulls price need to stay above 50 Hour SMA and the rising support line. For a bigger reversal to happen price should also move above 200 Hour SMA. If price continues to stay below 200 Hour SMA we are possibly seeing a bearish flag kind of consolidation. So its crucial for bulls to close and stay above 200 Hour SMA Otherwise the lows may get tested again.
  • 2nd chart the Month Time frame of ICICI Bank shows price below the rising support line from 50 levels. This set up add strength for bears. But as the Weekly chart shows 188 is a crucial support zone. If 188 holds a decent bounce looks possible. On the contrary if 188 gets broken then 175 and 150 levels are possible. For a bounce to confirm price needs to break and sustain above hourly cloud.


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