July 30, 2016

  • Apple bulls managed to close another day above 200 Day SMA. Recent attempts like these has failed to sustain above this moving average.
  • Weekly chart also shows a falling resistance line which may stop bulls from a bigger up move from happening. 
  • For a bigger rise price need to sustain above the weekly falling resistance line.
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  • Nifty Month chart shows price completing another bullish month. Question is will Nifty bulls form the 6 the Bullish candle.
  • Weekly chart continues to show divergence But price yet to show a lower low. Price continue to inch higher.
  • For next week last candle high 8674 is crucial. Staying above it is bullish. For bears need to do more. For a possible reversal or weakness to confirm price must trade below last weeks candle.


July 29, 2016

  • Month chart shows previous resistance around 1400 levels. 
  • Price also reaching month cloud which may act as resistance.
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  • 4 Hour chart and daily chart shows price in a range.
  • A Daily close is needed outside this range for a directional move to start. 
  • The earnings news so far failed to increase the volatility. Looks like index is yet to decide which way to go.
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  • USDJPY Daily resistance line and cloud acted as resistance for the pair. News event did not take the pair above its daily cloud.
  • Now crucial support for the pair is at 100 as discussed in yesterday's post. the 50% Fib level in month chart is at 100. Further weakness for the pair only if price starts to trade below this level.
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  • One hour continues to trend in favour of crude oil bears. All consolidations are resulting in new lows for this time frame.
  • Daily chart is near 200 SMA. For now 200 SMA is around 40.40 levels approx. 
  • Weekly chart shows the possible formation of an Inverted Head and Shoulders pattern. Current fall if limited to the 200 SMA or around it there could be a reversal to form the right shoulder of the pattern. But if price starts to close below 38 levels this possibility will start to faint. 
  • USDJPY Chart Analysis
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July 28, 2016


  • USDJPY Month chart shows price bouncing from 50% Fib level.
  • Daily chart shows price testing the falling resistance line and the Daily cloud. 
  • If the bounce in Month chart is to continue the resistance line and cloud is likely to be broken. 
  • CRUDE OIL TREND UPDATE
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  • Daily chart is testing 200 Day SMA.
  • Weekly chart is moving up But price has to stay above previous support zone of 14.80 - 15.20 levels which has been acting as stiff resistance. If BAC Bulls are able to stay above this zone Then price can move towards 18 levels again.
  • Unable to cross the above mentioned resistance levels may take price back to 12 levels again.
  • CRUDE OIL TREND UPDATE
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  • Crude oil one hour and 4 hour charts shows bears in control. Daily chart shows price nearing 200 SMA. Price likely to test 200 SMA before bigger reversal can happen. Bounce in hour charts likely to be small if it happens before price hits 200 SMA.
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  • ES 4 Hour chart shows price moving sideways. After big up moves price does this sideways move to catch up with the averages.
  • First chart shows a range of 2155 - 2170. Price need to close outside this range for bigger moves to follow.
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  • Negative divergences, overbought readings are there. Price is also trading closer to a possible resistance line But Price continue to be with the trend. Trigger price for the sell could be a close below 8572 and followed by a break below 8476 Till that happens bulls remain strong.
  • Close above 8644 will help bulls to extend the prevailing trend further...
  • CRUDE OIL NEAR 200 SMA
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  • Gold triangle worked well for bulls. Many times when price reaches the apex of a pattern it gives a false spike out of the pattern. It was rare to see a clean breakout and the fast up move for the pattern.
  • Now gold bulls has resistances near 1350 and 1370 levels.
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July 27, 2016

  • Crude oil 4 hour chart shows as if price is walking down  a stair. Good looking pattern if you're a crude oil bear.
  • No strength in price which may return only if the 200 Day SMA is held. Bigger weakness in crude oil if 200 SMA is not held on closing basis.
  • APPLE RESISTANCE LINE AND 200 SMA
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  • Apple weekly chart shows price near falling resistance line.
  • Daily is trying to stay above 200 SMA. Recent Attempts by bulls to sustain above 200 SMA Has failed. 
  • Bulls can extend today's gains only if price is able to sustain above 200 SMA and weekly falling resistance line.
  • GOLD TRIANGLE PATTERN


  • Second chart shows a bull flag in four hour time frame. Pattern mostly works as a trend continuation pattern. There are patterns which give false spikes out of the pattern and followed by trend reversal.
  • One hour chart shows 2170 as resistance level. Resistance line for flag is around 2172 levels.
  • GOLD TRIANGLE PATTERN
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  • Gold 4 hour chart shows price contraction in a triangle pattern. Breakdown from the triangle should take out the support zone between 1300  -  1310 which is marked in daily and weekly charts for bigger falls to happen. Gold bulls need to sustain above 1335 - 1340 for bigger up moves to happen.
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  • Nifty 30 Minutes chart shows price trying to hold above a support line. More bearishness only when this line gets broken.
  • One hour chart shows price staying above hourly cloud despite recent sideways move. Only a close below hourly cloud will weaken the up trend.
  • CRUDE OIL NEARING 200 SMA
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  • First chart shows the spike out of the range and price falling back into it. As the trend is strong we cannot confirm this as a false spike out of the range as yet. Bears can gain strength only if price breaks and closes the week below 8476. Only a close below 8476 can change the price action in Day and Weekly charts.
  • Month chart is about to complete 5th positive month unless something drastic happens in the next few days.
  • After all those bullish charts i am still looking at the negative divergence. Trigger price for negative divergence is 8476. If price stays above it then sideways to positive trend will prevail.
  • CRUDE OIL NEARING 200 SMA
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July 26, 2016


  • Crude oil 30 Minutes trending below the cloud. Crude bears will remain strong below the cloud. Daily chart shows possible support at 41.95 levels and 200 Day SMA.
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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