- 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
August 9, 2010
- 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.
- 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.