- Dow jones 5 minutes chart seems to be trading in an ascending triangle.
- A Break out on the upside should give at least 30 points.
- Break down on the lower side should bring it below 10180
July 12, 2010
- The death cross has not given anything for the bears till now.
- But the rally if stops before 50 day SMA or 200 day SMA will give the bears a chance to go short aggressively.
- For the bulls a strong breakout above 10200-10300 may take it till 10600 levels again.
- DOW TRADING NEAR 50 WEEK MOVING AVERAGE
- Microsoft stock is trading above a trend line in daily chart. It is respecting the trend line till now.
- Between 24 to 25 the stock will hit the channel top resistance. and a band of resistance in the same area.
- So at 25 one can try to go short with a small stop loss. The risk reward ration seems to be good if one go short near the channel top
- Nifty 15 Minutes Chart showing Support and Resistance for the index.
- If the price closes within this pattern another gap up or gap down will play out to decide the next direction.
- The Hour chart trend line is holding nifty up.
- But if nifty goes up to the recent high above 5400 the hour rsi will start developing negative divergence.
- RSI has already broken its hour trend line.
- To negate this short term negative picture nifty should close above its day high.
- See how nifty makes a consolidation pattern in hourly and gap's up in the morning.
- The hour consolidations did not give an intraday entry.
- The hour chart formed a base pattern when it was trading around 5235-5240. And from there it gaped up. then two consolidation patterns which gave break outs by gap ups.
- So conclusion when in an up trend hold on to your long positions with trailing stop losses and booking partial profits.
- Nifty weekly chart analysis.
- Bank nifty resistance zone
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.