- SP 500 has given another bullish formation in 5 minutes this time.
- Bullish pennant has given a break out.
- Although the pennant is not a perfect one. This will be positive for the bulls. As the break out will help the triangle break out in the larger time frame.
- The fight between bulls and bears are clearly visible in the charts.
- Bulls trying to keep the triangle intact
- Bears want the rising wedge to break down the bottom trend line.
- Lets see who wins at last. My personal view is that the triangle will win at last.
- Caution i may go wrong so have stop loss.
- DOW JONES which broke out of a triangle might do a classic retest of the trend line before making moving up again.
- 10200 should also act as good support.
- Dow jones has resistance around 10350 for today.
- The resistance line should be broken for any upside targets to unfold from here.
- If the index starts to trade above the 20 day SMA it should cross the resistance without any problems
- As i have shown in the previous post of microsoft, The stock has good support at 24
- Now it has taken support at 24 and it is now targetting it's 20 day moving average.
- If MACD gives a buy signal the stock may go above its 20 day moving average.
- So a buy in this stock is advised with a stop loss of 24.
- Amgen co has given a high volume break out.
- Trading above yesterday's close the stock should achieve 61 easily.
- Price has closed above 5 day EMA and 20 day SMA.
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- Nifty hour chart showing a support band between 5080-5089.
- As long as nifty trades above this band today bulls are safe.
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- RENUKA SUGARS LTD is showing negative divergence in hourly chart.
- Breach of the trend line will be warning for the bulls. If the trend line is not breached one can hold on to the buy call.
- Renuka Sugars gave a break out recently CLICK HERE TO SEE IT
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- Hang seng index having broken a major trend line is trading above its 20 day moving average.
- The index may move up till it's 50 day moving average.
- So the strength in asian markets like hang seng may help nifty continue its upward journey.
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- Nifty Fibonacci levels in hourly chart with extension target of 5180.
- If nifty manages to close above the resistance line mentioned in the chart. The target of 5180 is possible.
- Again another Fibonacci Magic look were the extension target is mentioned at the triple top area.
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- NIFTY MAY BE SHORTED BELOW 5085 IN THE HOPE THAT IT MAY FILL TODAY'S GAP
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- Some time a gap which is left unfilled may suggest you of a short term reversal.
- See how all the gaps are filled but the one gap at the bottom of this chart is not yet filled.
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- NIFTY IS TRADING NEAR IT'S RESISTANCE AREA
- ANY UPSIDE POSSIBILITIES ONLY AFTER BREAK OUT OF THIS RESISTANCE
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- Dow Jones has given a triangle break out. If this one is not a false break out the target is more than 10700.
- But for now The channel break out is were we have to concentrate. This is the first time a bullish candle has closed outside the channel in 32 days .
- The 20 day SMA is not captured yet. A successful close above this moving average.
- The 20 day SMA and 5 day EMA crossover has not yet done yet. MACD crossover is also not done yet.
- IF both the crossovers is done that can be confirmation of a successful triangle break out.
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SP 500 EOD ANALYSIS
- SP 500 Index has closed on a positive note.
- This is the second attempt of reversal from this channel.
- First time it was failed and resistance was just below the 20 day moving average
- 2nd time the index has closed below 20 day SMA. But this time the reversal may happend
- If you are a moving average crossover trader, I have plotter the 5 day EMA and the 20 day SMA the crossover has not yet done. One can also combine the MACD crossover to make it a better entry. Both the crossovers are yet to happen.
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- RUSSELL 2000 INDEX HAS GIVEN A BREAK OUT.
- NOW BEFORE YOU JUMP TO GO LONG. KEEP STOP LOSS JUST BELOW THE BREAK OUT POINT.
- BECAUSE I SAW SOME PATTERNS IN ASIAN MARKETS WHICH GAVE FALSE BREAK OUTS.
- THIS BREAK OUT CAN TARGET 670.
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