October 5, 2010

  • S&P 500 four hour chart showing a channel and resistance level breakout.
  • Breakout will be valid till the index trades above 1148 level.
  • If a dip happens now the past resistance will act as support. So a dip will be a buying opportunity.
CLICK THE CHART TO ENLARGE
  • APPLE yesterday took support at 277.
  • Today the stock made a good move and now it is trying to stay above its 50 hour moving average.
  • Stock may find resistance in this band of 285 and 290.
CLICK TO ENLARGE THE CHART
  • S&P 500 is trying to stay above 1150. 
  • If the index fails to stay above this level again this will be yet another opportunity to go short.
  • Price should make an hourly close above 1150 and trade above it convincingly then we can expect 1160 as the first target.
  • INTRADAY LIVE CHART FOR S&P 500 WITH EMA
  • Dow Jones futures hour chart with the triangle pattern.
  • The index shows two false breakouts happened recently. Yesterday's breakdown also joins the list of false moves.
  • Levels to watch out today in the futures index is 10790 on the upside and 10700 on the down side.
TRIANGLE PATTERN UPDATED
TRIANGLE PATTERN
  • chart shows the possible triangle pattern of nifty futures.
  • One thing to remember after a breakout from this pattern is the range 6167 - 6246. This range has to break for big movements to happen
CHART-II
  • NF still in the range. Tried to move above 6220 but got resisted.
  • We may see one more attempt in the afternoon

CHART-I
  • Nifty Futures is showing a range of 6167 - 6246
  • The resistance area between this range is around 6210 - 6220 were lots of selling pressure is happening at the moment.
  • So breakout above this range may give a small rally towards the upside.
  • First chart shows the second inverted hammer or shooting star formed in the space of 6 days.
  • First one gave only a minor correction which was supported by the 5 day low ema as can be seen from the 2nd chart.
  • Weakness will be seen only if the index opens and trades below 5 day high ema.
  • RELIANCE INDUSTIRES DAILY ANALYSIS

  • Reliance industries has also given a shooting star or inverted hammer in daily chart.
  • Stock has good support at 980 levels and we have the 50 DMA near 980 levels. Resistance is at 1030 levels and we have the 200 DMA there.
  • Weekly chart is also showing a descending broadening pattern which looks bearish to me. But If the stock manages to trade above 1045 it will be a breakout and will be positive for the stock. The weekly pattern also has a supporting trend line break of which will give good correction.
  • INTRADAY LIVE CHART FOR RELIANCE INDUSTRIES
  • S&P 500 Hour chart with 50 hour moving average. Price has closed below this moving average today.
  • Price in daily chart has also broken the 10day Ema.
HOUR CHART
  • Apple stock is steadily declining.
  • Has taken support at 277 today.
  • Breaking 277 will be another step down and the next crucial support is at 274.
  • If 277 continues to give support an up move towards 281 can be seen.
  • INTRADAY LIVE CHART FOR APPLE WITH EMA
  • A possible head and shoulders pattern with price taking support at its neck line at 1127. Break of the neckline will be negative for the bulls .
  • If neckline continues to give support an up move towards 1134 can be seen.
  • INTRADAY LIVE CHART FOR S&P 500 WITH EMA

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