October 2, 2010

  • 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.
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.

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