July 30, 2010

  • 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

CLOSER LOOK
  • 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.

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.

Followers

Blog Archive

Powered by Blogger.

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