September 28, 2010

CHART-II
  • Dow Jones Futures Index is back to where it started today. It's back to the resistance line from where today's fall happened. Below chart was posted before opening bell.
CHART-I
  • Dow Jones futures 4 hour chart with the ascending channel.
  • The upward momentum is halted by the  resistance line developing within this channel.
  • This resistance line has to be broken for further up moves to happen.
CHART-II
  • NF gets support at 61.8% Fib level
CHART-I
LINE CHART
  • NF is trading near 61.8 Fibonacci levels for hour chart.
  • 6025 is an important support area for nifty.
  • IF 61.8% level holds we may see an up move from here. Should trade above 6025 for big up moves to happen.
  • Below 61.8% level NF may go down till 5970 levels.
NIFTY HOUR CHART
  • First chart shows the breaking of the triangles support line and the correction.
  • Second chart is the hourly line chart which shows the important support line for NF at 6025.
  • Staying below 6025 will be negative for the bulls.
  • INTRADAY LIVE CHART FOR NIFTY
CHART-II
CHART-I
  • There is a Triangle formation developing in nifty futures chart.
  • Right now price is resting at the support line of  the triangle. A move towards the upper end of the triangle is possible.
  • Breaking the support line will be negative and may attract strong selling.
  • NF broke down from a channel formation yesterday.
  • Today it is forming another channel this one a descending one.
  • If 6042 is not defended by the bulls, Bears will gain strength.
  • Breaking out of the channel will favour bulls. 
  • Tata steel weekly chart is showing resistance at 661.
  • More upsides possible for the stock only if it manages to cross this level.
  • Tata Steel had a great bull run from 500 levels to nearly 650 in 5 weeks time. So the stock may take a pause at 660 levels.
  • Since i am posting about Tata Steel i take this opportunity To thank ILANGO Sir for posting a great article about the Tata Steel plant and the Kind of work Tatas are doing for our nation: CLICK HERE TO SEE THE ARTICLE
  • Nifty spot daily chart is showing a shooting star or an inverted hammer pattern which is a bearish reversal pattern.
  • Every candlestick pattern needs price confirmation. Example for price confirmation would be a touch of the 5 day low ema which Nifty has not done since this breakout happened.
  • I have also added Nifty futures 5 minutes channel which shows a breakdown and the breakout line is acting as resistance.
HOUR CHART
DAILY CHART
  • S&P 500 Hour chart looks negative but has closed above 50 hour moving average.
  • The daily chart is also closed above the breakout point and is above the 10 DMA.
  • So the TA set up for the bulls are still intact not major changes have taken place it can be said as a pause day after a good closing on friday.

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