August 18, 2016

  • Trend in one hour continues to favour crude bulls.
  • Weakness can only be confirmed if and when price starts to trade below hourly cloud.
-->

  • Diamond patterns suggest that price is contracting, volatility is reducing and a bigger directional move is possible in the short term. Its not possible to judge the direction out of the pattern. Bullowski talks about both Diamond tops and bottoms in his website. He also talks about Diamonds being trend continuation pattern. If you see this pattern price has entered the pattern from below and if price exits through the top this will act as a trend continuation pattern. 
  • Price is trying to hold above 200 Hour SMA another close below this moving average may result in bigger correction.
  • TRIANGLE OF Reliance Industries
-->

  • Price managed to get back above the crucial moving average line 200 Hour SMA. 
  • One hour chart shows price pausing at Hourly cloud for now. Although price is stopping here the Quickness of the reversal is a concern for ES Bears. Look at the candle in 4 Hour time frame its almost a big engulfing pattern.
  • 2183 - 84 are possible resistance levels. Above this new high's. 
-->

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.

Followers

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