August 9, 2010

  • S&P 500 hour chart is showing an Ascending triangle pattern.
  • 1128 is acting as the resistance. Break of this level and a close above it can give some more upward momentum for the index.
  • But the index may find it difficult to cross this level in the short term.
  • DOW JONES FUTURES RESISTANCE ZONE
UPDATED CHART
  • At least One bar should close above 10680 for confirming a breakout
  • Trading above 10680 will target 10720 and 10750 levels of Dow Jones Futures
  • Dow Jones Futures 4 hour chart with resistance zone.
  • 10660 - 10680 has resisted the index from moving ahead.
  • A good volume break out above this zone may expand the trading range to higher levels.
UPDATED CHART
  • Nifty futures has given a breakout. 
  • May rally till 5481. Can expect good momentum above 5481.


  • Nifty futures 30 minutes chart with support and resistance
  • The index may find resistance between 5460-5470 area.
  • Only a good volume break out above this zone can give a meaningful rally on the upside.
  • There is a supporting trend line shown in the chart. So NF will soon give good direction from the apex of this pattern.
  • TATA MOTORS TRADING IN A CHANNEL
  • Tata motors share has been trading in a channel for many months now.
  • Right now the weekly chart is showing a shorting opportunity as the stock is trading near the channel resistance line.
  • One can go short around 915 levels with a small stop loss. Here the risk reward ratio is huge one can book profit at the middle of the channel.
  • The above trade idea is based on the channel. If the channel breaks out and closes above it one should use the stop loss.

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