September 7, 2010

S&P 500 futures in a channel

CHART - III
CHART - II
  • S&P 500 futures hour chart has violated the support line.
  • But it is not falling as expected. 1085 - 1088 region is crucial for bulls and bears.
  • If 1085 breaks we can see good correction
CHART - I
  • S&P 500 futures hour chart is trading in a down trending channel.
  • It is close to a breakout point. The index can give good direction soon. 
  • Break of the support line will favour bears.
  • Hourly stochastic is showing some positive divergence. But it seems there will be another down move before the positive divergence in hour chart shows its effect.
  • Wait for a clear direction before taking a trade.

FLAG of S&P 500

RANGE IN 10 MINUTES CHART
  • There is a bear flag developing in S&P 500's 10 minutes chart.
  • But the indicators in bigger time frame like hour is in oversold territory which can give a small bounce from here.
  • We can get a clear direction if the range of 1092.85 - 1097 in 10 minutes gets broken.

Dow Jones futures hour chart

CHART - II
  • Weakness in Dow Jones Futures was evident from the below chart.
  • If the correction is limited to 10360 another up move possible today.
CHART - I
  • Dow Jones futures is showing some weakness at the top.
  • If it comes below last weeks breakout area things could turn in favour of the bears.
  • Breakout area is around 10360 so buying may come in before the index reaches there.

Nifty Futures Intraday Update I

CHART - III
  • NF Showing some weakness at the top
CHART - II
CHART - I
  • Nifty futures is trading in a small range today from 5570 - 5593
  • Break of  5593 can take the index higher.
  • The support line break of 5570 may get support near 5562. Break of 5562 can give a decent correction.
  • DOW JONES FUTURES IS LOOKING WEAK

Nifty Futures Intraday Update

  • Nifty futures 5 minutes chart is showing support at 5562 Resistance is marked at 5593.
  • The index may trade within this range for sometime.
  • Since we are at historic high one has to wait for clarity to emerge before taking a decision

Reliance industries support and resistance points

  • 958 is immediate resistance for reliance industries. 
  • Above 958 reliance will march towards 993.
  • Stock should get some help from its 20 DMA. A Break above 20 dma and trading strongly above it can give the stock good upwards momentum.
  • LIVE CHART FOR RELIANCE INDUSTRIES

Nifty end of day analysis

CLICK THE CHARTS TO ENLARGE
  • Nifty's weekly chart is yet to give a breakout.
  • daily chart has closed at the resistance line.
  • Stochastic indicator is showing good negative divergence despite the good up move we had yesterday. Same with RSI too.
  • Trading above 5600 would be great news for the bulls.
  • Trading below 5479 will keep the bears happy.