- Dow Jones hour chart is showing resistance at 10600 levels.
- The Hour chart is also forming a channel which is trending down.
- A Break out from this channel may find resistance around 10590 areas.
- If the channel holds the next move will be towards 10300.
- S&P 500 SUPPORT ZONE
July 30, 2010
- Nifty futures hour chart is showing support between 5380-5390
- The hour chart is supported by an important trend line in this zone.
- The index might get support in this zone. But a break cannot be ruled out as well. If the line breaks that could be the starting of a larger correction. For confirmation one can wait for the break of 5350 in nifty spot.
- NIFTY DAILY CHART ANALYSIS
- Nifty daily chart is showing another consolidation triangle pattern.
- Since the raising wedge pattern has given a break out on the down side, this triangle may break on the down side. But because it is a triangle one should look for a false break out as well.
- Price is coming near the 20 SMA. the main support for nifty is at 5350 look for a reaction from these two levels.