June 24, 2016

  • GBP/USD Month time frame shown from the Lows made in 1993. 
  • Price touched the support line in 1993, 2001, 2009 and Now in 2016.
  • Breaking this support line can lead to long term weakness for the pair.
  • Pattern also looks like a Multi-Year Head and shoulders pattern. If the Support line holds these scenarios does not come into play.

  • Zone between 2000 and 2020 is crucial for ES Bulls to hold above. 
  • Bears need to close below 200 SMA Daily cloud and support zone to extend this weakness.

  • Brexit has given huge gains for Nifty bears. More intraday weakness if stays below 7939 levels. Daily is trying to close below 50 Day SMA Bears need a daily close below this line to extend gains. Price may target the rising support line shown in chart 1 if the weakness continues.


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