- 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.
October 5, 2010
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- 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
- 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
- NF still in the range. Tried to move above 6220 but got resisted.
- We may see one more attempt in the afternoon
- 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
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