August 10, 2010

  • Dow Jones Futures 4 hour chart with resistance line and 50 hour moving average.
  • The resistance line seems to be too strong to break.
  • The index has got support from 50 hour moving average.
  • Only a close below the moving average can turn the trend.
  • S&P 500 Daily chart with Trend line.
  • The trend line that has given support for the index For sometime may break today.
  • If the index closes below the trend line We may see good correction in S&P 500
  • Nifty futures is trading near support line.
  • If the index gets support from here a retest of the recent high's is possible.
  • If the support is broken a good correction up to 5400 levels can be seen
CLOSER VIEW OF THE CONSOLIDATION BREAKOUT

  • Nifty has closed above 5 day high ema.
  • Nifty has also broken a consolidation range and has closed above it.
  • If nifty trades above 5477 it should target 5520 first.

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