July 29, 2010

  • S&P 500 has immediate support around 1088-1095 region.
  • An hourly close below this region can change the hourly trend completely.
UPDATED CHART
  • Flag gives a short trade .
  • Hourly close below 1095 can bring 1088 in the short term


  • A bullish flag in S&P 500 index.
  • If this pattern does a bullish break out it should take out the recent high of 1131.
  • If price falls below 1100 the pattern will be invalid.
  • DOW JONES TRIANGLE PATTERN



  • Nifty futures hour chart with support and resistance lines.
  • Nifty futures has broken an important trend line in hour chart. and price is making its way up for a retest of the broken line.
  • According to the above chart a retest of 5430 is possible before nifty goes down again.
  • Nifty has broken the raising wedge.
  • Price did not close below 5 day low ema, but came down below it briefly to close above it.
  • Price is still above 20 SMA. 
  • Nifty has broken an important trend line in daily chart. But as shown in the last chart there is still hope left for the bulls above 5350.
  • DOW JONES TRIANGLE IN 15 MINUTES CHART

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