August 4, 2010

  • Triangle formation of Russell 2000 15 minutes chart.
  • A break and close above 663 can give a good move on the upside.
  • If the index breaks the lower support line it may give a good selling opportunity. The fall will be deeper if 655 breaks.
  • RECTANGLE PATTERN OF S&P 500
UPDATED CHART

  • S&P 500 is trading in a rectangle sideways consolidation pattern
  • Break out of this range can give a good trade on either direction.
  • I am expecting a continuation of the up trend to continue.
  • We had a similar trade today in nifty click the below link to see it.
  • RECTANGLE BREAKOUT TRADE OF NIFTY
  • Dow Jones futures 4 hour chart seems to be breaking out from a consolidation pattern.
  • Closing above 10622 should be positive because this should give a new high for the index on closing basis in 4 hour chart.
  • This level can end up as a resistance point for the index as well.
UPDATED CHART - 1
UPDATED CHART

  • Nifty has been trading in a range from yesterday making a rectangle pattern.
  • Range is from 5426 - 5453. any move above or below this range can give a 25-30 points.
  • ACC daily chart with 200 DMA is shown in the first chart.
  • The stock has given good returns for 200 DMA followers.
  • Now the stock is trading below the 200 DMA and the sell will be confirmed when the big triangle in daily chart breaks on the down side.
  • Since it is a triangle both trades are possible.  If triangle breaks on the upside then price should also break the 200 DMA for going long.
  • Nifty futures daily chart with trading range which can give clear direction.
  • First chart is showing a small triangle like pattern. If a break out or break down happens the ranges has to be broken with good volume.
  • On the down side a break of 5367 should give the warning for the bulls it will be confirmed if 5348 breaks.
  • On the upside a break of 5457 should be the level for going long. And the bulls will be safer above 5473.
  • All levels mentioned are in nifty futures
  • S&P 500 support and resistance line s in hourly chart
  • Break out on either side could give good direction for the next trade. 
  • I am expecting a continuation of the current trend to happen.  

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