July 9, 2010


  • Dow futures is developing negative divergence in hourly chart.
  • But one more up move may be possible before it starts to correct.
  • That move may coincide with Dow Jones cash index getting resisted at 10200 levels.
  • S&P 500 SUPPORT AND RESISTANCE LINES
UPDATED CHART
  • Hour Trend line has been violated
  • If trades below the high of the day can give a good correction

HOUR CHART
  • Possible support and resistance for S&P 500 index.
  • Break on either side can give a minimum of 20 points.
WEEKLY LINE CHART
DAILY CHART
DAILY CHART
  • The daily chart is still trading below 20 and 50 Day Moving average.
  • The fib retrace level of 50% has been achieved at around 1071 and if trades above this level the next logical target should be the 61.8% retrace level at 1085.
  • The weekly line chart is showing a channel formation. So any more upsides are possible on a break and close above the channel top line and the 50 week moving average will follow that.
  • DOW JONES ANALYSIS AFTER CLOSING BELL
WEEKLY CHART
DAILY CHART
HOUR CHART
  • The weekly chart is looking like a triangle and the resistances in lower time frames are not working. So the 50 week moving average or the triangle can only stop the bulls now.
  • The daily chart shows today's action finishing  at the 20 day moving average. Above 20 DMA it will try to go beyond 10200.
  • The hour chart is showing a bullish crossover 20 crossing 50 hour moving average so this will add to the strength of the bulls.
  • NEXT TARGET WILL BE THE 61.8% FIB RETRACE LEVEL CLICK HERE TO SEE THE CHART

  • Gold chart is showing some correction from the recent historic high's
  • The price may get support near the bottom line of the raising wedge.
  • But in the long term gold is bearish. When i say bearish it's not going to come down in a hurry. 
  • If the price moves within  the pattern for 2 to 3 months without breaking down it can even go to 1300 levels.
  • When it breaks down from the wedge the correction is going to be a large one. Because the wedge patterns when it occurs in higher time frames they are very reliable.
NIFTY FUTURES HOUR CHART
  • Nifty futures week has made a good closing
  • Closing near the high of the week.
  • Highest weekly close for nifty futures in recent times.
  • I have also updated the bearish pattern that i posted during intraday.
NIFTY FUTURES HOUR CHART
  • Nifty futures hour chart is forming a raising wedge like pattern.
  • Break of the below trend line and an hourly close below 5336 will confirm it.
  • If NF breaks 5370 resistance the pattern will become invalid.
NIFTY FUTURES WEEKLY CHART

NIFTY FUTURES HOUR CHART
  • Nifty futures week chart is looking good till now if it ends like this the bullishness can be carried over to the next week.
  • Nifty futures should trade above 5250 and 5270 region with good volumes since these two are resistance regions can pull the index down to lower levels.
  • CLICK HERE FOR INTRADAY AND 5 DAY LIVE CHART FOR NIFTY AND ALL NIFTY 50 STOCKS
DAILY CHART
WEEKLY CHART
  • Apollo tyres is showing a break out in daily and weekly chart.
  • The trend line in week chart has held the stock up.
  • Try to enter the stock if it comes close to the trend line.
  • CLICK HERE FOR INTRADAY AND 5 DAY LIVE CHART FOR NIFTY AND ALL NIFTY 50 STOCKS
  • Nifty gave a break out but closing was negative.
  • Current weekly candle is looking ok but if it closes lower with long upper shadow it will be negative.
  • The line chart is still not showing a break out.
  • Nifty futures yesterday showed a gravestone doji. So the bulls should try to give a bullish candle to reduce the bearishness caused by the doji. 
  • DOW JONES 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