June 8, 2010

UPDATED CHART

  • This triangle Break out can give at least 100 points 
  • But remember triangles are known for their false break outs.


UPDATED CHART
  • Dow jones pennant formation in 5 minutes chart
  • Upside break out can take it pass 9900. Stop loss 9840



  • Dow jones Trading in a descending triangle pattern.
  • Break out on either side with volume can push the index more than 100 points in the direction of the break out.


  • Dow jones is showing positive divergence in hourly chart.
  • So a dead cat bounce can be expected.


  • Dow jones broke the weekly trend line at 10690.
  • And now there is a horizontal line drawn in the chart the value is around 9770 Below 9770 the targets are 9600 and 9500.
  • If the horizontal line gives support a rally is possible in dow jones

UPDATED CHART AT 2:20 PM
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  • Take a short trade if the trend line breaks and price falls below the horizontal line.

CHART UPDATED AT 3:10
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  • Nifty hour has broken a channel formation.
  • Next target is 4962.
  • It has to close above 5031 or come down to 4962

  • Nifty hour has broken a channel formation.
  • Next target is 4962.
  • It has to close above 5031 or come down to 4962

  • Nifty has resistance at 5080-5100 
  • This area is the break down area for the rising wedge break down.

BULLISH VIEW
BEARISH VIEW
FIBONACCI LEVELS

  • DOW JONES Closing price is the lowest close for this year
  • The inverted head and shoulders pattern in nifty might save the bulls.
  • But in the bearish view we have a break down from a rising wedge targeting at least 4800.
  • crucial fibonacci levels are 5020 and 4930 that is the 38.2% retracement and 23.6% retracement which may give support


  • Dow jones has created a new low for this year.
  • There was a bearish flag pattern in Hourly chart. And it broke and closed near the low part of the day.
  • 9850 is broken we may head lower at around 9700

  • NASDAQ 100 index is showing a break down from a head and shoulders pattern.
  • Staying below 1800 the index may target 1750 at least

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