October 13, 2010

  • S&P 500 has violated the resistance line of the broadening pattern.
  • Index trading above 1176 will be positive for the bulls.
  • DOW JONES NEAR 11200
  • Dow Jones is closing in on 11200 its next target.
  • This up trend is expected to cool down near 11200.
  • Dow Jones futures daily chart.
  • Price broke out above 10973 level today. Now it is trading above 11000.
  • If futures continue to trade above 11000, Dow Jones Spot price may achieve its immediate target of 11200 soon.
  • S&P 500 FUTURES HITS THE TOP OF THE BROADENING PATTERN
  • S&P 500 Hits the resistance line of the broadening pattern
  • Price if continues to rise will mean a breakout from the broadening pattern which will be very positive for the bulls
CHART-II
  • 6246 BROKEN. First target will be 6300. 

CHART-I
  • NIFTY Futures has taken out most of the resistance levels in-between 6090 and 6246.
  • 6246 will act as resistance now.
  • If price breaks out above 6246 and trades convincingly we can expect 6300 as the first target.
  • This post is a continuation of the NF range posted last week CLICK HERE TO SEE IT
  • Nifty has violated the hour trend line where it has been finding resistance.
  • 6187 of  Nifty futures is the main resistance. Minor resistances at 6158 and 6165
  • 12363 is an important support for bank nifty.
  • The trend line which was mentioned in the bank nifty's weekend post has given support SEE IT HERE
  • Nifty spot 6071 area was tested Yesterday. But on closing basis the level is yet to be broken.
  • Yesterday's correction was followed by the bearish candle formed on Monday. But price is  yet to make a close below 5 day low ema.
  • NIFTY FUTURES EOD UPDATE
  • Dow Jones futures daily chart is showing resistance at 10973.
  • Today despite the good move. Index was not able to cross the resistance area of 10973.

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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"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