December 31, 2016

  • Month Time frame continues to look strong. The long term structure will show weakness only if price falls back into the Range between 1800 - 2134. So weakness can be confirmed only on a Month close below 2134 levels.
  • Weekly weakness after the Negative Divergence. More weakness below 2191 levels.
  • Daily Time frame shows price below 20 Day SMA. But price continues to stay above 50 and 200 Day SMA.
  • CRUDE Oil support and resistance levels
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December 30, 2016

  • Daily chart shows price moving below 200 Day SMA. Closing the daily below 200 SMA will strengthen bears further.
  • Weekly chart likely to give a big upper shadow if closes at the current levels or lower. Bulls badly need to close the week higher to avoid such a scenario. 
  • Hour chart shows price violating the trend line from 182 levels.
  • Bulls need to do more here to keep the up move from 180 levels intact If not weakness is getting confirmed at 200 SMA.
  • CRUDE Oil support and resistance levels
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  • ES 4 Hour has broken the swing low of 2243. Next possible support at 2233.
  • 4 Hour time frame shows price below 100 Period SMA. Bigger weakness only if price break below 200 Period SMA and 2232 levels.
  • CRUDE Oil support and resistance levels
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  • Crude oil 4 hour chart shows resistance for crude bulls at 54.50.
  • 100 Period SMA and cloud are crucial support levels for this time frame. Staying above them another breakout above the resistance zone is possible. Weakness in this time frame on price closing below the cloud.
  • GOLD Making another bullish move
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  • Crucial resistance levels or targets for the current up move is between 50 Day SMA and 8274.
  • 50 Day SMA is at 8247 , 200 Day SMA is at 8261 and the recent swing high is at 8274. If the momentum holds price likely to test these levels.
  • Price in 15 minutes has to stay above the cloud to keep the momentum intact.
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  • Nifty is testing crucial price level in Daily and Hourly time frames. 20 Day SMA, Round number at 8100 and 200 Hour SMA. Bulls can gain further momentum on a daily close above this level.
  • Weakness only if price falls below 8021 levels on closing basis.
  • GOLD Making another bullish move
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December 29, 2016


  • Gold bulls trying to move above 100 Period SMA and Cloud In 4 Hour chart after a Long GAP. 
  • Gold Bulls can gain more strength only above 1152 and 1167 levels for a bigger bounce to follow.
  • Weakness resumes below 1136.
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  • Hourly price structure looks bullish and will stay bullish only till price stay above 8021 levels. Moment price breaks below 8021 Bulls become weak with a chance to retest the recent lows again.
  • Break above 8100 and 200 Hour SMA will strengthen bulls further.
  • 15 Minutes is also stuck between 8021 and 8100
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  • Daily chart shows 20 Day SMA as immediate resistance. If Bulls able to close above 20 then 8274 and the falling resistance line shown in chart 1 will act as resistance BUT The bounce is already loosing momentum. Bulls need a close above 8100 to extend this bounce further. More weakness if Price starts to trade below 8000 levels.
  • NIFTY support levels
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December 28, 2016


  • Crude oil 4 hour chart trying to form a bullish ascending triangle kind of pattern. 
  • Rising cloud of this time frame is crucial support
  • Immediate levels to watch are 54.50 and 52.09
  • CRUDE Oil Weekend update
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December 27, 2016

  • Gold tried to move above the falling resistance line But met with resistance at higher levels.
  • Price has manged to stay above 50 Period SMA largely because of the sideways move. 
  • For a Bigger reversal to happen Gold need to close above 1144 levels in bigger time frames. Weakness resumes below 1128 and 1124 levels.
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  • ES 4 Hour shows a triangle contraction.
  • More relevant will be the range in Daily chart between 2251 and 2278.
  • Volatility likely to increase when and if price reaches 20 Day SMA. 
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  • Nifty hour moves above the broken swing low of 7942 which took price above 8000. Now the broken support 8057 may act as resistance. Bigger up move back to 200 SMA will be possible if price is able to sustain above 8057
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  • 15 Minutes cloud has given good sells so far. It looks easy since its a trending phase. We all know that cloud in shorter time frame like 15 minutes will become choppy in sideways market. But as long as the trend stays its your friend.
  • Immediate hourly levels to look are 7942 at the top and 7894 at the bottom which was the recent low. Bigger direction only on resolving the above mentioned levels.
  • NIFTY EOD Update(Bearish possibilities)
  • Morning update with possible support levels
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  • 7896 is crucial as seen in the Retrace levels. Weekly fib chart shows 50% at 7896 If bears keep price below this level next target is the Golden ratio at 7644. Having said that this 50%(7896) level is a good place for an oversold bounce.
  • Next chart is the Long term support line of nifty drawn from 2200 levels. If bears are successful in keeping below 7900 then this line is likely to be tested in the short term(one or two months)
  • Last chart shows death cross. One has to note that death cross happens after an extended correction so the Risk of a swift bounce against the prevailing trend is imminent. For nifty to change its bearishness price need to move back above 200 SMA Which for now is at 8249.
  • NIFTY EOD Update(Bearish update)
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December 26, 2016

  • Nifty bulls badly need a bounce from 7900 levels to avoid bigger correction. 
  • Second chart shows price trying to replicate left hand side. There is bound to be a bounce soon and if the bounce is within the channel bears will remain interested.
  • Bulls saying its oversold But when the financial instrument is in a trend the bounce will take its time to come.
  • Bears will remain strong below 7900 levels.
  • For bulls a bigger and stronger turnaround in their favour will only happen if they are able to make it back above 200 SMA.
  • NIFTY Bearish pattern
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  • Weekly chart shows the consistent breakdown of price to form new lows.
  •  4 Hour chart shows the next crucial support zone.
  • But month chart is showing some hope for bulls as price is nearing possible support line. Some more correction needs to happen before price test this line.
  • CRUDE Oil Weekend update
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December 24, 2016

  • Crude oil continues to stay above the breakout zone.
  • Weekly chart is missing momentum after breakout.
  • Crude bulls need a Month close above the resistance zone to keep the bullishness intact.
  • Weakness only if price falls back below 50 levels.
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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