September 7, 2010

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.
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.
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.
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 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
  • 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
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.

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