July 21, 2010

  • Dow Jones futures chart with support and resistance lines
  • The index is trading near resistance line and it coincides with the presence of 50 hour moving average.
  • Break of resistance with strong volume can push the index at least till 10250-10300.
  • If gets resisted by the trend line and the moving average will go below 10100.

  • Nifty is trading between its 5 day high and low ema for four days now. But the day range is expanding.
  • The raising wedges support trend line may keep the index up for some time.
  • It is still trading above its 20 day moving average and an important support line shown in the first chart.
  • NIFTY'S CHANNEL BREAK TRADE
UPDATED CHART
  • DOW JONES CLOSED NEAR DAY HIGH. IT HAS CAPTURED THE 50 DAY MOVING AVERAGE  AND CLOSED AT THE 50 HOUR MOVING AVERAGE.
  • Dow Is trading below its 50 hour and 20 hour moving averages
  • Unless the bulls put up a good fight all bounces will be sold off.

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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