August 31, 2010

CHART - I
  • Dow Futures broke 9965 and gave a long trade as discussed below.
  • Now next resistance is at 10064 above that may rally towards the channel resistance line.
CHART - II
  • Dow Jones futures breaking 9965 was negative for the bulls.
  • Now if the index trades above 9965 convincingly a long trade is possible
CHART - II
  • Nifty bounces from 5360 levels as discussed below.

CHART - I

  • Nifty futures may give a long trade from 5360 levels.
  • One can keep a stop loss of 5346 for this trade.
  • Nifty did a gap up on Monday but faced selling pressure throughout the day and closed near the recent lows.
  • the index has closed below 20 DMA. It is testing 50 DMA. Closing below 50 DMA will test important support areas.
  • U.S. markets also ended in the negative territory which may give a gap down for us.
  • S&P 500 analysis after closing bell
  • Upper trend line of the channel seems to be too strong to break.
  • Most of the gains made by the bulls on Friday has been taken off 
  • Now the 20 DMA and 50 DMA is ready to give a negative cross over. So some more down side possible.
  • The direction will be decided once the range in hourly chart discussed earlier in this post gives direction

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.

Followers

Blog Archive

Powered by Blogger.

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