July 8, 2010

  • Dow jones Hour chart with fibonacci ration for the recent fall from 10593 to 9614.
  • The index is finding resistance exactly at 50% retrace level, that comes around 10100.
  • If goes above this level with good volume the index will regain 10200 level where the next fib level of 61.8% is situated which will act as the next resistance
  • Look how the fib ratio is coinciding with the important resistance level of 10200 for Dow Jones.
  • S&P 500 END OF DAY ANALYSIS
HOUR CHART

DAILY CHART

HOUR CHART
  • I was expecting 1046 to put up a fight against the bulls but that was blown away in seconds.
  • Now in daily chart it has captured the 10 DAY moving average.
  • Next resistance will be around the 20 DAY moving average. still trading below 20 and 50 DMA which will be selling points. 
  • The hour chart is also showing a possible 20 hour moving average crossing 50 hour moving average which will also add some more bullishness to the index.
  • SHOWED  POSITIVE DIVERGENCE YESTERDAY CLICK HERE TO SEE THE CHART
  • Nifty futures has given a grave stone doji
  • When it comes at the top of the trend it is negative.
UPDATED CHART
  • Nifty futures got resisted at 5337 as expected
  • It seems it will take another strong wave of buying to take out 5337 and 5350
  • Three important resistance points that nifty futures must stay above.
  • 5337 is the first one above that it is 5350 and 5371 respectively.
  • Good gap up seen in nifty futures.
  • The GAP may not be filled fully if bulls are stronger they will be hoping this turns out to be a runaway gap. But a pull back can be used as a buy on dip opportunity.
  • For a sustained up move till 5400 and above nifty futures and nifty spot should close around 5300 today.
  • The weekly close tomorrow is also important a weekly close above 5300 will be very positive.
  • NIFTY INTRADAY AND 5 DAY LIVE CHART
  • NIFTY DAILY CHART ANALYSIS
NIFTY SPOT DAILY CHART
NIFTY SPOT WEEKLY CHART
NIFTY FUTURES HOUR CHART
  • Nifty daily chart is showing a consolidation triangle like pattern which will give direction soon
  • Nifty weekly chart is looking weak because of bearish candlestick patterns. But that can change if nifty manages to close near 5300.
  • Nifty futures hour chart is holding on to its support at 5035-5050 lets see if holds.
  • The S&P 500 and Dow Jones closed more than 2% up see the end of day analysis for those indexes below.
  • Dow jones end of day analysis
  • S&P 500 analysis after closing bell

DAILY CHART
WEEKLY CHART
  • The channel in daily chart is broken decisively.
  • It is now trading above the 10 day moving average and the current momentum should take it pass the 20 DMA. 
  • So if the week trades successfully above 10000 the real test for the bulls will be at around 10200 that's were the 50 WEEK moving average is standing now. 
  • And there is a down trend line i have drawn in the weekly chart so crossing there two points will be quite an achievement by the bulls.
  • S&P 500 analysis after closing bell

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