October 30, 2015

Silver Weakness at golden ratio

  • Silver daily chart shows price getting resisted at golden ratio. Weekly cloud too is acting as resistance as it has done in the recent past as well. Daily unable to sustain above 200 SMA which is another concern for silver bulls.

Nifty chart update

  • Nifty has violated crucial support zone as shown in first chart. Second chart shows price approaching crucial support zone between 7960 - 8000 levels.

October 29, 2015

GOLD Chart analysis

  • Gold daily falls back below 200 SMA. The spike above 200 SMA line did not last long. Recent attempt to stay above this line was failed too as seen in chart 1
  • Weekly chart continues to show weakness near the cloud.

ES Trend update

  • ES Daily is moving towards resistance zone. But price action in chart 2 and 3 continues to favour bulls. Higher lows needs to break for a possible correction to start.

Nifty chart update

  • Nifty bulls need to stay above 8100 levels to avoid bigger falls. Bulls also need to avoid the weekly bearish engulfing. Bears may gain momentum if the bearish engulfing gets confirmed tomorrow.

October 28, 2015

ES 4 Hour chart update

  • First chart shows 4 Hour charts with higher lows being made. Bears will have very little say till this structure changes. Price also taking support at 50 Period SMA.

Silver chart analysis

  • Daily chart shows price moving out of a range and price also trying to stay above 200 Day SMA.
  • Weekly shows price near strong resistance levels. Daily if shows weakness here may work in favour of silver bears. For now though daily looks bullish. Silver bulls need a higher close to extend gains.

TESLA Motors chart analysis

  • Tesla daily chart shows immediate trading levels. MACD looks good for bulls only as long as price stays above 202.
  • Week continues to look bad for bulls as price has violated 100 Week SMA again. But price is approaching crucial support levels as shown in chart 3. Bigger worry for Tesla only if price starts to trade below 177 on which it may fall towards 120 levels.

Facebook resistance line and trend update

  • Facebook is approaching a possible resistance line in weekly time frame. But bad news for bears is that price is staying above crucial resistance area around 100 levels. Any weakness only if price falls back below 98 - 100 levels.
  • Weekly trend remains up as shown in last chart. Price continues to remain above the cloud. Any weakness near the weekly resistance line may only result in small corrections. 

Reliance communication chart analysis

  • Recent up move in Rcom has led the daily towards a golden cross. For the very immediate term the indicators are showing weakness. Sustaining above 74 levels is good for Rcom bulls. 84 and 93 levels are crucial resistance levels. For the long term the Hammer shown in weekly chart is crucial. If price stay above the hammer candle then bigger up moves are possible.
  • Analysis like above will be done on NSE stocks. If the visitors have any query contact me on email. I will try to do posts whenever time permits. 

October 27, 2015

APPLE chart analysis

  • Apple week shows price continues to move inside the right shoulder of a bearish head and shoulders pattern.
  • 4 Hour chart shows price getting resisted at 200 SMA. Bulls need to keep price above 117 and 119 levels to avoid bigger corrections from happening.

Bank nifty chart analysis

  • Bank nifty daily has given a bearish engulfing pattern at the golden ratio. Bears need further confirmation with another bearish candle with good volumes to confirm the engulfing pattern.

October 25, 2015

Nifty chart analysis

  • Nifty is approaching its 200 Day SMA, price is also closer to the falling resistance line shown in first chart. Daily chart also shows negative divergence with price and macd histogram.
  • more weakness on daily closing back below 8200 levels. 

TCS chart analysis

  • Month chart shows price continues to remain in a triangle contraction. Price tried to move out of the pattern but is unable to close outside it so far. 2nd chart shows price testing 20 month sma. Month close below 20 SMA should result in bigger correction. Bulls need to stay above this level on closing basis for an upper breakout from the triangle to happen

October 24, 2015

INFOSYS Chart analysis

  • Month shows a possible doubtful candle forming if price closes around the current levels. With few sessions to go this may change as well
  • Weekly shows  negative divergence which resulted in fall from 1200 levels to 1100 this may resume if the divergence persist. Sideways move may nullify the effects of divergence. 
  • The up trend line from 540 levels continue to hold. No bigger weakness in chart till this line holds.

October 21, 2015

GOLD chart analysis

  • Gold daily chart shows price struggling to move and sustain above 200 SMA. Unable to sustain above 200 SMA and the weekly cloud may resume the fall. Last chart shows possibility of extending the current bounce till the falling resistance line.

October 20, 2015

ES Chart analysis

  • ES moving towards previous support zone which may act as resistance. Having said that a weekly close back above the cloud may renew confidence for bulls. Last chart shows price testing cloud top, If this level does not stop bulls then the major trend may resume.

October 19, 2015

EURUSD Chart update

  • EURUSD Weekly chart shows an ascending triangle pattern But price is fighting against tough resistance levels as shown in Month time frame. Broken support levels of month time frame is acting as resistance.