- S&P 500 Futures 4 hour chart is showing a triangle pattern with price trading near the resistance line of the pattern.
- From yesterday the index is not able to sustain above 1143 levels. although the bulls tried to close above 1143 it was met with stiff resistance at this level.
- Only a high volume breakout above 1143 level can take it to 1150 where it will meet the next resistance.
September 29, 2010
- Reliance industries has good support at 993 level.
- 50 DMA of the stock is also situated around the same level.
- So we can expect some action from here. If 50 DMA gives support we will see 1007 and 1030.
- If 50 DMA breaks we will see 960 levels in RIL.
- INTRADAY LIVE CHART FOR RELIANCE INDUSTRIES WITH EMA
- If the bulls have to avoid a big correction they should push the price above the shooting star pattern created day before yesterday.
- Yesterday Nifty gave some correction followed by the inverted hammer but the bulls managed to make a good comeback.
- So Real weakness is not yet visible. Price is yet to hit the 5 day low ema after the breakout. Weakness only when nifty closes below 5 day low ema.
- NIFTY CHART - BEAUTY OF FIBONACCI LEVELS
- Hour chart is showing an ascending triangle formation with upside breakout possibilities.
- If the ascending triangle breaks out on the upside it can break the strong resistance shown in weekly chart. 1150 is the level in weekly chart that looks very strong.