September 24, 2010

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  • S&P 500 futures hour chart is showing a range of 1117 - 1140 on closing basis.
  • Right now the index is trading near the top end of the range.
  • Breakout from this range can be confirmed only if the hour closes above 1140 or on a good move above 1140 happens.
  • Indicators like Stochastic has reached the overbought region in hour chart
  • Trading at 61.8% retrace level now. If breaks and trades above this level we can expect a positive opening for the indexes.
  • Getting resisted at this level will be negative for the bulls
CHART-I
  • S&P 500 futures with Fib levels.
  • Yesterday SPX met with resistance at 50% level. Right now index is trading at that level again.
  • More upsides are possible if the index takes out 50% and 61.8% levels convincingly.
CHART-IV
  • NF almost hits 6045 as discussed below
CHART-III
  • Inverse head and shoulders breakout towards 6045
CHART-II
  • Breakout above 61.8% level will result in an inverse head and shoulders breakout as well.
CHART - I
  • Nifty futures fibonacci retrace levels for the fall from 6045.
  • Today NF got resisted exactly at the 50% fib level.
  • New high's are possible only if 50 and 61.8% levels are taken out convincingly.
  • TECH MAHINDRA ANALYSIS
  • Tech Mahindra is showing a W formation. W formation is a reversal pattern and occurs before the start of a bull market.
  • Stock is trading close to its 200 DMA. So we will get a good clue soon if the stock wants to enter the bull market zone or remains in the bear market zone which is below the 200 DMA.
  • Good volume increase seems to be happening over the past few day's.
  • BUT WATCH HOW THE STOCK BEHAVES WHEN IT APPROACHES THE  200 DMA AND THEN TAKE A DECISION TO BUY IT OR NOT.
  • Reliance industries is showing weakness again after getting resisted by its 200 DMA.
  • Now good upside movements are possible only above its 200 DMA.
  • If the stock breaks 994 levels it can drift down to 958 levels.
  • INTRADAY LIVE CHART RELIANCE INDUSTRIES
DAILY CHART
WEEKLY CHART
  • Nifty is showing some weakness after closing below its 5 day high EMA.
  • But weakness on weekly chart is still not visible, If the present week closes around 5920 levels we may get a shooting star pattern which will be a bearish candlestick pattern. Closing near the high of the week will favour the bulls again.
HOUR CHART

DAILY CHART
DAILY CHART
  • S&P 500  hour chart shows the index breaking 50 hour moving average and closing below 1126 region.
  • Price in daily chart  has closed below its 10 day moving average after trading above it for many day's.
  • Last chart shows a possible support zone at 1117-1128. So a rally from here is possible unless the index closes below 1117.
  • S&P 500 hour chart with 50 hour moving average.
  • 1126 is the important support area on hourly chart.
  • Closing below 1126 and the 50 hour moving average will be negative for the bulls.
  • S&P 500 futures hour chart with Fibonacci levels.
  • Index is trading near 50% retrace level of the current fall.
  • Failing to cross 61.8% may result in a sell off.
  • If  Index trades above 61.8% level new high's are possible.
  • INTRADAY LIVE CHART FOR S&P 500
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  • Dow Jones Futures 4 hour chart with support and resistance lines.
  • Right now price is trying to go through a resistance line which looks very strong. This is the 4th attempt to break through this resistance line, If gets resisted it will be negative for the bulls. Further upsides are possible only after a high volume breakout above this line.

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