- 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.
July 21, 2010
- 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
- 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.