September 20, 2010

  • S&P 500 Daily chart with 200 DMA acting as resistance. If you notice the 200 DMA it is moving like a horizontal line which acts as support and resistance in chart.
  • I have marked an area from June till now were 200 DMA acted as resistance. Now the index is pulling away from the 200 DMA (confirmation needed on closing basis). If it pulls away to levels like 1170 or 1180, any dip from those level to the 200 DMA will give a chance to enter long trades again.
  • Above scenario possible only if the index closes higher today and should make Higher high's and Higher low's in the coming day's.
S&P 500 FUTURES DAILY CHART
S&P 500 FUTURES 4 HOUR CHART (IHNS)
  • S&P 500 futures is trading above its most important resistance. If the index closes around here the most expected triple top formation may not form. But as shown above in the daily chart,  index should close above the resistance line.
  • 4 Hour chart is also showing the price pulling away from the neckline. Price should close near the high of the day for this up move to sustain in coming day's.
HOUR CHART
DAILY CHART
  • Hour chart of Dow jones futures with fib ratio for the recent fall from 10600 levels. The index is trading near 50% retrace level of the fall. If 50% area give support we can expect a good rally from here favouring the bulls. If 50% breaks index may go down till  10500 levels.
  • Daily chart is still favouring bulls with the price above the triangles breakout point. Bulls has to worry only if price starts to trade below 10500.
  • S&P 500 SUPPORT AND RESISTANCE LINES
  • Shree Renuka Sugars gave a breakout from the range of 62 - 72 in which it was trading in.
  • Target for the target was 82.
  • But on its way to 82 The stock broke above its 200 DMA. If stock continues to close above its 200 DMA it can give some more up move. Breaking below 200 DMA will be negative.
  • Dow Jones futures hour chart with Fibonacci retrace levels.
  • Dow Jones futures went to 10600 levels last week but could not sustain above 10600 levels.
  • Now the retrace of that correction is going on. Dow is trading near the 50% fib ratio. If it manages to cross 50 and 61.8 levels  we may see another attempt to reach 10600 levels.
  • If finds resistance near 50% the index may go below 10500
CHART - III

CHART - II (30 MINUTES TIME FRAME)
  • It seems NF will hit the resistance line and then take a decision to continue this madness or go for a correction.
CHART - I
  • NF is trading close to the resistance line of the broadening pattern.
  • Correction can be seen from here or after hitting the resistance line.
  • More upsides are possible only if Nifty SPOT sustains above 5940 as discussed in the NIFTY DAILY ANALYSIS.
CHART -II
  • Levels mentioned below on friday has given some gains. 
CHART - I
  • We may get a good direction when this range breaks. Break of 5909 towards the upper trend line. Break of 5866 towards the lower end.
  • INTRADAY LIVE CHART FOR NIFTY

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