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.

  • 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 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.


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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