August 25, 2010

  • Russell 2000 is trading near an important support line which comes at 587.
  • This can also act as the neck line of a head and shoulders pattern.
  • If the support line breaks and the pattern is not busted, a large correction may follow.
  • If the index gets support at 587 short term may turn bullish.
  • LIVE  INTRADAY CHART FOR RUSSELL 2000 WITH EMA
  • Apples looks weak in its weekly chart, break of 235 can bring it down to 231 levels.
  • Oversold levels can give intraday bounce but for a positional trader weekly triangle break down can give lower targets than this.
  • FREE LIVE CHART FOR APPLE INC
  • Dow Jones futures has violated both 10031 and 9969.
  • Trading below 9969 the next target is 9852.
  • Futures are indicating a negative opening for the major indices.
CHART - II
CHART - I

  • Nifty 15 minutes chart is trading in a channel.
  • Price has been consolidating and breaking down support levels staying within the channel.
  • Now it is doing another consolidation and may give direction before end of day today.
  • Break of the trend line and break of 5463 can speed up this correction
  • INTRADAY LIVE CHART FOR NIFTY
  • Nifty is trading near 50 hour moving average.
  • Index is also trading near an important trend line in daily chart.
  • One can try a low risk buy here with a small stop loss.
  • INTRADAY LIVE CHART FOR NIFTY
  • Nifty started its correction yesterday. The index closed above 5 day low ema.
  • Nifty is still trading above 20 SMA. 
  • Nifty briefly broke 5500 yesterday and closed above it. 
  • U.S markets has corrected overnight so Nifty may give a gap down opening today.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • Sterlite industries broke its crucial support of 159 yesterday and went down till 150 during intraday trading.
  • 150 level is very important now. Break of 150 could lead to another correction.
  • CLICK HERE TO SEE THE LEVELS GIVEN FOR STERLITE INDUSTRIES
  • S&P 500 closed 15.49 points or -1.45% Down.
  • On its way down The index has broken many important supports. 
  • Price is moving away from 200 DMA and 50 DMA. 
  • 1050 is an important support  for tomorrow. If 1050 breaks the correction may be deeper.

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