February 28, 2017

  • Weakness is seen in one hour time frame
  • Hourly chart shown with immediate support levels.
  • Strength resumes if price moves back above 8905 levels
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February 27, 2017

  • Nifty hour shows possible bearish price action from a rising wedge pattern. But bears need to sustain below 8900 levels for bigger falls to happen in their favour.
  • Daily too has a bigger Rising wedge But one has to wait few more sessions to understand how this one takes shape. 


February 26, 2017

  • Crude oil bulls failed to close near the High's.
  • Weakness only if price starts to stay below 50 Day SMA. Upper breakout opportunity exists if price continues to stay above 50 Day SMA. 
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February 25, 2017

  • Price yet to hit the resistance line.
  • 4 Hour chart shows price in a small range. Price may make new high's to hit the resistance line.
  • 50 Period SMA acted as support. Bears need a close below this line to start correction in this time frame.
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February 24, 2017

  • Larger and smaller time frames looking bullish.
  • For the short term bulls will remain strong above 1252 levels. Hope for Gold bears only if price starts to close below this level
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February 23, 2017

  • Crude oil daily candle looks bullish so far. If the current price action stays a Higher close is possible in this time frame, which could lead to bigger up moves.
  • 55.24 level is the next challenge for crude bulls to cross above.
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  • Nifty daily chart is testing the recent swing High'
  • 4 Hour chart shows a resistance line which is part of a Rising wedge pattern.
  • Rising wedges are mostly bearish. But as we are close to historic High's anything is possible. Weakness only if price falls below 8700 levels.


February 22, 2017

  • TESLA Month nearing resistance zone.
  • Previous weekly candle is a potential bearish one with its long upper shadow. But if today's week closes higher then bearishness of the previous candle is negated.
  • Levels to watch bears are 274 and 264 levels. For bulls need to stay above 287 and 291 levels to extend the trend.
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  • ES Daily shown with a possible rising wedge pattern. Price likely to hit the resistance line around 2370 plus levels approximately.
  • Rising wedge mostly results in a breakdown in favour of bears.
  • One hour cloud continues to offer strong support for bulls.  Weakness in hourly only on closing below the cloud.
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February 21, 2017

  • ES one hour chart shows price continues to stay above the cloud and 100 Period SMA. Weakness for bulls only if price starts to stay below the hourly cloud.
  • For the day mild weakness if only price falls below 2349. More strength if price stays above 2354 levels. 
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  • Gold in a range between 1217 and 1246. Right now price is falling from the resistance zone towards the support zone. Weakness will continue as long as price stay below 50 period SMA as shown in chart two.
  • GOLD Weekend update
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February 20, 2017

  • Nifty week shows a bullish pattern But another dip towards the rising support line is very much possible as price is moving into a stiff resistance zone.
  • One has to pay close attention to the month candle. If Feb candle closes higher into the resistance zone then its advantage bulls. Last two attempts into this zone has given bearish month candles as shown with the circles in Month chart.
  • crucial levels are shown in the daily time frame. Strength if stays above 8826. Mild weakness if continues to stay below 8826
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February 19, 2017

  • First chart shows previous resistance acting as support for gold. So this are will act as crucial support for Gold going forward.
  • Price is turning down from 1245 levels which is the recent swing high will act as next resistance zone.
  • As price is turning down a bearish trade is possible below 50 period SMA. Staying below this level the targets are 1218 and 1227


February 18, 2017

  • ES one hour took support near the cloud. Hope for bears only if Hour starts to close below 100 Hour SMA. Staying above the hourly cloud Bulls likely to move above 2349 . Weakness if price starts to sustain below 2336 levels.
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February 17, 2017

  • Tesla month candle shows weakness at the top of the range.
  • Weekly candle is showing a large upper shadow, Price if closes at the current levels or lower will form a good bearish candle. Any rally in favour of bulls today will spoil this pattern for bears.
  • Daily chart is shown with 20 day SMA support line. Bigger weakness for the stock only closing below this line.
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  • ES One hour chart shows price testing crucial support levels.
  • close below Hourly cloud and 2331 levels may lead to a bigger fall. Immediate weakness below 2336 levels.
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  • Nifty 4 hour chart shows price nearing the up trend line.
  • One hour is still in a sideways range.
  • Closing outside the range may lead to a bigger trade in Nifty. As long as the UP trend line holds bulls are in control. Weakness below 8700 - 8715
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February 16, 2017

  • ES 30 Minutes chart shows price falling to the cloud one more time. Will the cloud hold again. Price has been giving good buy on dips on this time frame till now.
  • One warning for bulls is the Sideways moving MACD shown in One hour chart the last Image shows the Negative divergence. But Price continue to negate the divergence and move up, So its difficult to know when the divergence trade might start. As of now price yet to show weakness.
  • As long as the bullish channel holds corrections are likely to be small.
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  • Nifty hour in a range 
  • 38.2% fib level acting as support
  • One negative for bull is that price has fallen below hourly cloud after a long gap. So bulls need to move back above the cloud to regain momentum. Staying below the cloud may work in favour of bears.
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February 15, 2017

  • ES 30 Minutes chart shows price trending above the cloud. Weakness only if ES bears are able to close below the cloud.
  • one hour chart shows a Bullish channel. Corrections likely to be shallow till the channel is in place.
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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