July 20, 2010

  • S&P 500 is trading below its 20 Day Moving Average.
  • A daily close below this average will be negative for this index.
  • Last two times the closing below 20 DMA has given good results for the bears.
UPDATED CHART - 3
UPDATED CHART - 2

  • Nifty 30 minutes chart inside a channel
  • It will give direction soon.
  • EDUCOMP SOLUTIONS LTD WEEKLY CHART
  • Nifty futures 4 hour chart is showing a fall after negative divergence
  • Now the close for today should be above this trend line for the bulls to be in a safer zone.
  • THE BROKEN CHANNEL OF NIFTY
  • Educomp had a nice up move for two weeks.
  • The stock is now approaching its weekly channel resistance.
  • Those who hold long positions should be careful.
  • But the stock if closes above the channel resistance can move till 690 levels too.


NIFTY FUTURES
  • Nifty spot daily chart is trading in a raising wedge and will give direction soon
  • Nifty is also trading between the 5 day high and low ema for the last 3 days without giving proper direction.
  • Nifty futures range is also contracting so i feel a big explosion is about to happen in the coming day's. May be the raising wedge will give an early indication to which side it is going to be.

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