July 16, 2010

Dow Jones Futures before opening bell

UPDATED CHART
  • RIGHT NOW TRADING BELOW THE SUPPORT LINE.
  • DAILY CANDLE CLOSE BELOW THIS LINE SHOULD GIVE GREAT JOY FOR THE BEARS.
  • Dow Jones Futures 4 hour chart
  • The index tried to go above 10360 area but faced resistance and came down.
  • Now any upside targets are possible only on a strong break of this level.
  • DOW JONES ANALYSIS AFTER CLOSING BELL

Nifty futures support line

  • Nifty futures support line in daily chart.
  • Break and close below it will strengthen the bears.

Nifty 30 minutes line chart


UPDATED CHART

  • At present nifty is trading in a neutral area with daily trend up.
  • But closing above 5400 can give another push towards 5450.
  • And close below 5360-5350 will be the first warning for the up trend.

Nifty 10 minutes chart with a flag

  • FLAG in 10 minutes chart.
  • This one is a bear flag but since it has come at a small time frame the failure rate is very high.
  • We had a similar bear flag yesterday in U.S Markets which broke on the upside

State Bank Of India support and resistance

  • The resistance and support lines for SBI has been working well.
  • For SBI if the stock breaks out and closes above 2505 will give good upward momentum.
  • But as of yesterday the stock got resisted at the top, so may go into correction mode for some day's.
  • The trend line support also looks quite strong. As the stock has respected it so far a breach of the trend line could lead to a large correction.
  • BANK NIFTY ANALYSIS

Bank Nifty Chart analysis

  • Bank Nifty is showing a break out from resistance.
  • Now it has started to  retrace to the break down point.
  • Don't try to enter at higher levels. Have clear entry points like Break of yesterday's high during intraday for going long. If your entry signal does not come skip the trade.
  • STATE BANK OF INDIA TECHNICAL VIEW

Nifty daily chart analysis

NIFTY DAILY CHART
  • Nifty has a raising wedge in daily chart. And the price is respecting the trend lines till now.
  • The index is still trading above 20 day moving average. One negative factor is the closing below 5 day high ema. 
  • But it is still not a sell on rally because  price has remained above 5 day ema(close) and after 8th july price is yet to visit the 5 day low ema.
  • One more thing we should consider is the weekly candle with long upper shadow which will end up as a bearish candle if it closes like this. 
  • DOW JONES END OF DAY ANALYSIS

Dow Jones analysis after closing bell

  • Dow Jones has made yet another close below 200 DMA.
  • Take a look at the first chart. The price hits the trend line and starts to Correct this has happened twice. May happen again.
  • S&P 500 TRIANGLE BREAKOUT

S&P 500 Triangle break out

  • The triangle pattern in 10 minutes chart has given a good breakout.
  • Closing above 1099 would be very positive for the index