August 20, 2010

UPDATED CHART


  • Dow Jones shows an inverted head and shoulders in its 10 minutes chart.
  • Break out can target at least 10250 in the short term.
  • Dow Jones is moving down and away from 50 DMA.
  • It is trading near 50% retrace level of its rise from 9614 - 10719 level.
  • Break of this level will take the index down to 61.8% retrace level.
  • MICROSOFT TRADING NEAR AN IMPORTANT TREND LINE
  • Microsoft is trading near an important trend line in its weekly chart.
  • The trend in daily chart is clearly down. The current correction can last till 23. 
  • If support comes at around 23 the stock may give a rally.
  • If the stock goes below 23 it means breaking the weekly trend line. A deeper correction will follow if the trend line breaks.
UPDATED CHART
  • Dow Jones Futures is trading in a falling wedge pattern.
  • Price is moving down within the pattern, It  is expected to take support at the support line at around 10140. 
  • MICROSOFT TRADING NEAR IMPORTANT TREND LINE
UPDATED CHART 

  • Yesterday's high of 5544 is acting as resistance today.
  • There is an ascending trend line in this 5 minutes chart.
  • So a break of these two levels can give a decent move in either direction.
  • NIFTY DAILY CHART ANALYSIS
WEEKLY VIEW
DAILY VIEW
  • Unitech Ltd Weekly chart shows resistance at 92.
  • The stock is trading above its 200 DMA in its daily chart. But the stock is showing weakness at higher levels. There is an important support line shown in daily chart, a breach of this line could bring the stock back to its 200 DMA.
  • LIVE INTRADAY CHART FOR UNITECH

  • Nifty has broken out of the five week trading range of 5349 - 5492. Now this breakout is targeting a number above 5600. But the corrections should be limited 5486 on closing basis.
  • The index has closed above 5 day high ema.
  • The third chart shows easy entries on a range breakout. If one has the patients to wait for such good entries he or she can get profits easily. But they may only get one or two profitable trades in a month. As my MASTER (ILANGO) Use to say "You will feel happy with one or two good trades in a month. Get rich slowly".
  • Finally one more thing i have observed is that the reversal from below 20 SMA has given good profits. This happens when the stock or the index is in an Up trend.
  • DLF LTD TRADING NEAR 200 DMA
  • Dow Jones Industrial average closed 144.33 or -1.39% Down.
  • Dow Jones has broken its 50 day and 20 day moving average. The index has closed below its 50 DMA after trading above it for 20 days.
  • The index has started moving away from 200 DMA. There is a support at 10007 level. If this level is taken out the fall will become faster.
  • 38.2% Fibonacci ratio has also been taken out. Tomorrow the action will shift towards the 50% retrace level unless the index gets a good gap up which is highly unlikely.
  • DOW JONES FUTURES CHART HITS THE TARGET

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