- The bulls of reliance industries pushed the price up from below 20 and 50 DMA.
- Stock closed near the high of the day suggesting good positive momentum.
- This should take the stock to levels like 1015 , 1030 and 1040.
- Around 1030 stock has to face its biggest hurdle the 200 DMA.
October 2, 2010
WEEKLY LINE CHART
- Crude oil has broken out of the weekly triangle.
- As per the second chart which shows a channel this commodity will hit resistance at 83 that is the top of the channel. Further upsides are possible only if the channel breaks out.
- This post on crude oil is a continuation of the last POST which was done yesterday.
- S&P 500 hour line chart in an ascending triangle pattern.
- Price is trading near the supporting trend line of the ascending triangle. This line may give support for the index. If not its negative for the bulls an hourly close below this trend line will be good news for the bears and index may slip below 1140.
- Nifty futures If continues to trade above 6150 will target 6243.
- The projection is based on the range from it broke out today morning.
- The closing was also towards the high of the day and the week so unless something wrong happens with the U.S markets today we should achieve 6243 next week.