October 31, 2016

  • ES 4 hour daily and Weekly chart testing the support zone between 2100 and 2120 zone. For bears to have an advantage this has to be broken, Staying above this level will keep the bulls hopeful of another big up move.
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October 27, 2016


  • Nifty daily chart shows price testing 100 Day SMA. Earlier price get resisted at 50 SMA and now its seeking support at 100.
  • Hour chart shows price near crucial support zone near 8500 levels. A quick reversal or a bigger breakdown depends on this area.
  • AXIS BANK CHART ANALYSIS
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  • Tesla after Hours action suggests price could test the 200 SMA when it opens tomorrow. For bigger up moves need Tesla bulls to close the day above 200 SMA which has acted as resistance recently.
  • Month chart shows price staying near crucial support line. If price moves out of the pattern the first test could be at 235 levels. 
  • But most important before 235 is to cross the 200 SMA on closing basis. 
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October 26, 2016

 
  • ES Daily and 4 hour chart shows price near crucial support levels. 2115 to 2126 levels have held before so for a bigger fall this level must be broken on closing basis.
  • Immediate resistance is seen at 15 Minutes cloud. A short term reversal possible if price moves back and stays above 15 Minutes cloud. 
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  • Month chart of Axis bank is showing a possible Bearish M or a Double top with possible targets below 400 Levels.
  • Daily falling below 200 SMA will further add to the bearishness of the stock. For Axis bulls they must get back above 200 SMA to avoid bigger falls in the coming days and weeks.
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  • Weekly chart is trying to put up a Topping pattern, For this one to succeed price need to stay below 8500 levels as shown in chart 1.
  • Weakness can be confirmed if price starts to stay eblow 20 Week SMA.
  • Immediate resistance at 50 Day SMA. Closing above 50 SMA may give an up move towards 8750 and 8800 levels again.
  • CRUDE OIL CHART ANALYSIS
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  • ES 4 hour chart shows price testing crucial support line. Daily time frame too is showing weakness at 100 Day SMA. Bears need the daily candle to close at the current levels or lower for an extended fall to follow.
  • Weakness continues to be seen near or at 50 Day SMA as shown in last chart.
  • CRUDE OIL CHART ANALYSIS
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October 25, 2016


  • Crude oil testing channel support line
  • Price if stays below the cloud will favour crude bears.
  • Crucial support zone is between 49.10 to 49.60. Bigger falls only if price stays below this level.
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October 20, 2016


  • Weakness in 4 hour chart only if price starts to trade below the channel. 
  • Weekly chart is also testing crucial resistance zone. Crude bears need a bearish candle at this levels for a bigger correction to follow.
  • Things are simple for bulls they need to do a breakout for the weekly head and shoulders pattern .
  • S&P 500 Analysis after closing bell
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  • First chart shows price contraction. Should result in a bigger up or down move from the apex of the pattern. 
  • Immediate resistance at 2140 zone and 100 Day SMA.
  • Support levels are between 2100 and 2120 zone.
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October 19, 2016

  • ES 4 hour chart shows a bullish ascending triangle pattern.
  • First chart also shows price testing previous support zone which may act as resistance. Sustaining above 2140 may result in a bigger up move.
  • Weakness at 2140 may take price back towards 2120 levels.
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October 18, 2016

  • Weekly chart shows price staying below the resistance zone between 51 - 52.
  • 4 Hour chart price contraction. Staying above the cloud of this time frame will keep bullish strength intact.
  • Weakness if price starts to trade below 4 Hour cloud.
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  • ES Bulls continues to hold above the support zone between 2100 - 2120. Bullish structure in bigger time frame like weekly chart will continue to remain strong if price stay above the support zone.
  • Daily time frame shows little weakness as price stay below 100 Day SMA. Bears need follow up here by breaking below 2100 for bigger falls to happen.
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October 14, 2016

  • Daily bears unable to close below 2120 zone.
  • Bears for now has manged to stay below 100 SMA. More weakness if price continues to stay below this line.
  • Weekly chart continues to show strong support near 2100 zone. The overall structure will remain bullish if price sustain above 2100 levels.
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October 12, 2016

  • Chart 2 and 3 shows bearish price action. But bears need followup. This means bears should stay below 2120 level for bigger correction to follow.
  • Bulls need to hold above 2120 to avoid bigger correction.
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October 9, 2016

  • ES weekly chart shown with crucial support resistance zone at 2100 - 2110. Price for now is above this level. Bulls will remain strong as long as price stays above this level. Weekly close below 2100 May lead to bigger weakness.
  • Daily chart for now is stuck between 50 and 100 Day SMA.
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October 6, 2016

  • 4 Hour time frame continues to show a contraction pattern. Price yet to make a decisive move.
  • Moving average lines in daily chart are crucial. Daily candle closing outside these lines may trigger a bigger directional move.
  • GOLD BEARISH PRICE ACTION
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  • Gold Month chart shows weakness near Month cloud.
  • Weekly chart has broken down from the descending triangle.
  • Next support level or target zone for this breakdown is near 1210.
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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