- S&P 500 has immediate support around 1088-1095 region.
- An hourly close below this region can change the hourly trend completely.
July 29, 2010
- 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