- S&P 500 futures hour chart is showing a range of 1111 - 1118.
- Break and an hourly close below 1111 can test the unfilled gap in the hour chart.
- Breakout above 1118 will be positive for the bulls.
September 13, 2010
- Dow Jones futures hits the resistance line of the triangle.
- Bulls will be happy if price starts to trade above 10500.
- If Price cannot go above the resistance line we can see a sell off. Lets wait for price to show the direction.
- ASCENDING TRIANGLE OF S&P 500 BREAKS OUT
- If the correction is limited to the trend line it will be another buying opportunity.
CHART - II
CHART - I
- NF broke day high at 5731 and is moving higher.
- One can also watch the trend line that is developing in 5 minutes chart for intraday trades.
NIFTY FUTURES HOUR CHART
- First chart is the hour chart of nifty futures which is trading near the resistance line of the channel.
- So i am expecting a small correction from here. The correction can also be sideways before the larger trend continues.
- Second chart is the 5 minutes chart with the gap created today.
- Chart shows break of day high. If NF sustains above 5731 another up move possible.
NIFTY HOUR CHART
NIFTY DAILY CHART
- Nifty hourly chart is showing a good gap up opening for nifty.
- We shall see if this is yet another run away gap in nifty hour chart or it gets filled before closing today.
- The second chart shows the broadening pattern breaking out. Today's data not included in the second chart.
- Tata Motors has been trading in a range of 980 - 1060.
- I have marked 1058 and 1060 which looks like double top to me in daily chart. But it will be confirmed only after it breaks 980. So when the stock comes to the bottom of the range at 980 look for a trading opportunity.
- Break of 980 chance to go short. If it gets support go long for 1060.