S&P 500 WEEKLY CHART Reversal possible from current levels.

S&P 500 WEEKLY CHART

• If today's low is held we can expect to see a reversal.
• The same type of reversal happened in 2009. 

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NIFTY 30 Minutes chart Support and resistance line

NIFTY 30 MINUTES CHART

• IF NIFTY Breaks down 4842 The support line here may hold the index.
• There is divergence in MACD as well.
• Price action is yet to confirm.

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NIFTY reversal attempts

NIFTY HOUR CHART

NIFTY TRIANGLE

• NIFTY'S First attempt at reversal has failed.
• It came down from a triangle yesterday.
• Now if it breaks last week's low point it will be another shorting opportunity. 
• Nifty may also try another reversal attempt from here. Any price action above 4910 will confirm it. And the second time it may come out of the channel and stay there. 
• Since we are close to the expiry a sideways move can also be expected. Trade with caution.

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NIFTY technical analysis for 24-05-2010

NIFTY DAY - I

NIFTY DAY - II

NIFTY DAY - III

• THE DESCENDING BROADENING WEDGE IS STILL INTACT.
• WE CAN ALSO SEE A FALLING WEDGE DEVELOPING.
• LAST WEEK'S LOW IS AT 4842. IF WE GO  BELOW THIS NIFTY CAN GO TILL 4825 FOR TODAY. I THINK NIFTY MAY NOT GO BELOW 4842 TODAY.
• WE ARE TRADING BELOW 200 DAY MOVING AVERAGE FOR THE FIRST TIME SINCE 2009.
• BUT THE BEARISH CROSSOVER OF 20 DAY MA BELOW THE 200 DAY MA IS YET TO HAPPEN.

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S&P 500 TRIANGLE BREAK DOWN

TRIANGLE BREAK DOWN

• THIS TRIANGLE BREAK AT 1080 CAN GIVE 30 POINTS.
• EXPECTED TARGET AT AROUND 1050-1055

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DOW FORMING ASCENDING TRIANGLE

• DOW IS FORMING AN ASCENDING TRIANGLE IN HOURLY CHART.
• BREAK OUT ON EITHER SIDE CAN GIVE 200 POINTS.

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S&P 500 Close to Support and resistance area

• The index is trading close to its resistance and support areas in hourly chart.
• Break down below 1075 will give 1060.
• Break out above 1090 will give 1100