October 7, 2010

  • S&P 500 Future hour chart is showing a broadening pattern.
  • Pattern has its extreme levels as 1147 support and 1163 as resistance. Breakout or breakdown should happen after violating these two levels. For now the index will trade within this range of 13 points.
  • Apple hour chart with two important ranges in which the stock is trading in
  • First one is the smaller range of 285.11 - 291.87
  • Second range is the larger one which is from 274 - 294
  • Breakout of the smaller one may lead to an eventual breakout of the all time high above 294. Above 294 the target for the breakout is about 314.
  • smaller range breaking below 285.11 will be negative and may find support near 276 levels.
  • S&P 500 is showing a range of 1154 - 1163.87
  • Hour chart is showing weakness above 1160 levels.
  • Index not able to sustain above 1160 level.
  • Price has moved away from 50 hour moving average So a sideways to negative consolidation is possible so that the moving average catches up with the price. But if 1163 is taken out convincingly next target is 1170
  • Dow Jones futures chart in daily time frame.
  • Index was resisted at 10915 yesterday after this weeks resistance.
  • Bulls are making good progress today, they have managed to break it. If price sustains above 10915 they will soon show us 11000 on screen.
  • S&P 500 Futures One hour chart.
  • Price is trading in a range of 1153 - 1160 after this weeks breakout.
  • Since the momentum is is with the bulls, An upside breakout can be used to go long.
  • If a breakdown happens we have to see if key levels are getting broken. In my view a breakdown of this range will be used by the bulls to buy on dips.
  • Trend line break must have given an excellent opportunity to go short.
  • Next important support for Nifty futures is at 6091
  • This post is the continuation of the earlier post done on hidden trend line CLICK HERE
  • MRPL weekly chart with resistance and support lines.
  • Stock is trading near the apex of a Triangle like pattern.
  • If the stock closes the week above 84.50 it may target 88 and above.
  • Failing to close above 84 will be negative for the stock
CHART-II
CHART-I
  • The hidden trend line has held for now.
  • Break of this may take Nifty futures to 6170 levels.
  • If the trend line holds this can act as the support which takes futures above 6234 level.
ZOOM IN
  • Reliance has broken above its 200 DMA.
  • But the stock has overhead resistance in the form of 1048 and the trend line in weekly chart that has been resisting reliance from going up.
  • Trading above these resistance levels will be good for the stock 
  • GOLD HOUR CHART ANALYSIS
  • Nifty spot is trading in a range of 6118 -6223 for the last 3 days.
  • Nifty closed above its 5 day high ema yesterday.
  • No major changes to nifty for the last 3 day's. May be one can see some action when the range mentioned above gets broken.
  • GOLD HOUR CHART ANALYSIS

  • Gold hits the target mentioned in the below chart
CHART-I
  • Gold Hour chart is showing an ascending triangle pattern with upside breakout possibilities.
  • Breakout above 1349 can give another 10 points minimum as a minimum target
S&P 500 SPOT DAILY CHART
S&P 500 FUTURES 1 HOUR CHART
  • First chart shows the doji of S&P spot chart
  • The second chart shows how the futures has formed a small range from 1153 -1160.
  • SPX will give good direction only after this range breaks.
  • Dow Jones Futures index daily chart.
  • Yesterday's breakout is finding resistance at 10915 levels.
  • More upsides are possible only when this level is taken out convincingly by the bulls

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