August 31, 2016

  • 4 Hour chart shows price testing crucial support resistance zone.
  • 1300 being a round number has its importance as well.
  • Gold bulls trying to hold on to this level to avoid bigger correction.
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  • ES 4 Hour pausing above the recent support zone at 2164. This level must go to extend the current weakness.
  • Daily chart shows a rising support resistance zone. This line must break for a bigger fall to happen.
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  • Tesla has fallen below 200 SMA. 
  • Weekly chart also looking bearish. Next support levels are at 203 and 187.
  • Sustaining below 200 SMA price is likely to test 203 levels.
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  • Gold 4 hour chart shows price near crucial support zone (1310).
  • Price continues to move down staying within the bearish channel.
  • for a reversal from here price need to break above the bearish channel.
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  • Nifty daily time frame shows price making another Higher Highs. Trend continues to remain strong. Unless bears get a Lower low chances of a sustained fall will not start.
  • The Diamond pattern. When price enters from below the pattern it mostly exits on the opposite side. Not a strict rule but most of the time it results in such moves. This pattern though managed to trap many traders on the down side before the larger trend resumed. 
  • Month chart shows the 6th Bullish candle being formed. The momentum in this time frame likely to take price towards the resistance zone shown 
  • NIFTY INTRADAY UPDATE
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  • Crude oil 4 hour chart shows price staying below a descending triangle pattern.
  • other charts possible support level for crude above 45 levels. For a bigger trending fall price must fall below the 45 Levels discussed in chart 2 and 3.
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August 30, 2016

  • Silver daily chart shows price trying to hold above 50% Fib level.  Weekly chart also shows price trying to stay above crucial support resistance zone. closing below the marked zone will change the price structure in favour of silver bears.
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  • Possible resistance line in 4 Hour chart. For that line to work price need to stay below 47.23 level which is shown in one hour chart. Weakness only if price stay below 47.23 levels. 
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  • Falling gold is approaching crucial support zone between 1310 and 1319. If price stays below the falling resistance line then this zone will be tested. More weakness only if 1310 level gets broken. Close back above the trend line may lead to a reversal.
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  • Nifty one hour chart shows the broad range in which price is trading for now. Price is moving towards the upper end of the range.
  • Daily time frame shows price taking support at lower BB. Price for now is staying above 20 SMA. for now price is in bullish zone of the Range. Weakness only if price falls back below 20 SMA.
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  • Price back into the range as shown in 4 hour time frame.
  • Big lower shadows of candles in Daily time frame shows Strong attempt by bulls to keep the bullish structure intact.
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August 29, 2016

  • One hour chart shows price continues to stay inside the bearish channel.
  • Gold bulls will remain weak till price stay below 1335 and stay inside the bearish channel. 
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  • Crude oil 4 hour chart shows a descending triangle pattern.
  • More weakness if price stays below 46.42 levels.
  • One hour chart shows price below 200 and 50 Hour SMA. More weakness only if price falls below the recent swing low.
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  • Hourly charts shows support around 8540 levels. If bears unable to break this soon then price may move back into the range between 8600-8690. Immediate resistance for the current up move is the broken support of range around 8600 level.
  • Daily rising support line was violated last week But bears are not getting follow up price action. Bears need a close below this line for bigger falls to follow. 
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August 27, 2016

  • ES Daily closed below 20 Day SMA.
  • More weakness if price starts to trade below the support resistance line shown in 2nd chart.
  • Last chart shows crucial levels for bulls to defend to avoid bigger correction.
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August 26, 2016


  • Gold bulls unable to sustain above the broken support zone of 1335.
  • One hour chart too shows price falling back into the bearish channel
  • Gold bulls need at least an hourly close above 1335 for gaining strength.
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  • Price remains range bound.
  • Bulls testing the top of the range.
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  • Gold bulls need to break and sustain above 1335 and the falling resistance line shown in one hour chart for a bigger up move to happen.
  • Unable to break above these levels may resume correction.
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  • Crucial levels for the next few hours are 2175 and 2165,
  • 4 hour charts shows price positioned in favour of bears for now. 
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  • Nifty one hour chart shows price breaking below the diamond pattern. But bigger time frames suggest that nifty bears need to do more for a bigger fall to follow.
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August 25, 2016

  • 4 Hour chart shows a triangle pattern. Breakdown below the support line will be ideal for the pattern as the bigger time frames are trending in favour of bears. Upper breakout may be limited to the broken support line of the bearish pattern shown in chart 2.
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  • Crude bears is trying to form a bearish Dark cloud cover pattern in weekly time frame.
  • Week closing below 46 levels can confirm bearishness.
  • For now price near crucial support resistance zone of 46.60. Sustaining below this level may extend correction. Crude bulls need to stay above this level to negate the above mentioned bearish view.
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  • Gold remain bearish below 1335 level and the falling resistance line of one hour chart.
  • 15 Minutes chart shows immediate resistance levels at 1329 and 1331. Above these levels a bounce towards the breakdown zone at 1335.
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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