September 21, 2010

CHART - II
  • The trend line is broken .
  • If gets resisted at 1144 index will remain in this range of 1134 - 1144.
  • Break of 1144 will target 1150
CHART-I
  • The correction from 1144 may last till 1134 levels. 1134 levels may give support for the index. One can go long when price breaks the upper trend line. 
  • Break of 1134 will be negative for the bulls
S&P 500 FOUR HOUR CHART
  • S&P 500 four hour chart moving up steadily in a channel.
  • Right now price is at the top of the channel. So some side ways movement can be expected from here Unless the index decides to break out of the channel.
  • 1150 will be the next resistance for the index.
  • Dow Jones futures daily chart.
  • After the triangle breakout the next resistance area was 10670. Dow Jones has broken 10670, Now a daily candle closing above 10670 should add to the strength of the bulls.

  • The Trend line seems to be holding NF. TL may act as the base for the next up move.
CHART-II
  • I have added a trend line with the below chart. Break of this trend line can give a correction.
CHART - I
  • NF's path towards 6044 has been a steady climb.
  • Now to cross 6044 NF has to take another big step. If it crosses 6044 yet another up move is possible.
  • One can get into Tata Motors when it gets out of this pattern.
  • One should also keep in mind the trend of the stock before taking a position. Keep a watch on 50 DMA. It seems the stock will consolidate within this pattern for some time to come. That will give time for 50 DMA to catch up with the price.
  • So trade the pattern by keeping 50 DMA as filter. 
  • Reliance closed above its 200 DMA yesterday. 
  • Now 1053 can act as immediate resistance. Closing above this will be very positive for the stock in the short term.
  • Above 1053 stock can move up to 1090.
  • If 1053 acts as resistance it can push the stock below 200 DMA again which will be negative for the stock.
  • So both trades are possible, for going long wait for a close above 1053. If stock closes below its 200 DMA again one can accumulate shorts.
  • INTRADAY LIVE CHART FOR RELIANCE INDUSTRIES
NIFTY SPOT MONTH CHART
NIFTY FUTURES 30 MINUTES CHART
  • Two charts, first one is the month chart of nifty futures with fib levels. Seeing the Fib levels and the current month's price action, there should be enough momentum to equal the all time high of nifty. We have to see if nifty will exceed it or not.
  • Second chart shows price breaking out of a broadening pattern. This breakout will take Nifty spot above 6000.
DAILY CHART
WEEKLY CHART
  • Daily chart of S&P 500 showing the break out above 1130 levels. By closing above 1140 price has Moved away from 200 DMA. It looks like 200 DMA will act as support now.
  • The weekly chart is showing 1150 as the next resistance. Above 1150 the index will target 1180

  • AMAZON has violated the resistance line at 151.
  • Closing above 151 will be positive for the Stock.
  • If Stock is not able to close above 151 it will be negative and may start to drift lower.
  • Apple broke 278 and has made another all time high.
  • Closing the day above 278 will be positive for the bulls. A weekly close above 278 will target 300 and above.
  • LIVE INTRADAY CHART FOR APPLE WITH EMA

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