October 14, 2010

  • S&P 500 is showing support at 1168 level.
  • Today hour chart took support at this level.
  • If a retest of this level happens again it may not hold. Index may slip to 1161 levels.
  • If the upper trend line is broken it will favour the bulls.
  • DOW JONES FUTURES SUPPORT AND RESISTANCE LEVELS
CHART-II
  • The narrow range of 1173-1180 breaks. Bears managed to reach 1169. Fall was arrested there. Break of 1169 can take it to 1163 levels. Trading above 1173 bulls will try to scale 1180 again.
CHART-I
  • S&P 500 Futures gave a breakout above the resistance line of the broadening pattern yesterday.
  • But price has not made any big progress. Index is trading in a small range of 1173 -1180.
  • Break of this range will give a clue to which side price is going to go.
  • Dark cloud cover pattern appears in nifty futures.
  • READING ON DARK CLOUD COVER : CLICK HERE
  • NIFTY FUTURES HOUR CHART UPDATED

CHART-I
  • Nifty Futures should trade above 6280 for favouring bulls.
  • Getting resisted at this level means remaining in the range of 6250 - 6280.
  • This range should be resolved for bigger movements to unfold.
CHART-II
  • Nifty Futures hour chart with a failed breakout.
  • If 6165 - 6175 range holds NF will make another attempt.
  • Below 6165 NF may get back to 6090 levels. But the larger trend is still up.
CHART-I

  • Nifty futures hour chart with the two major breakouts that happened recently.
  • First breakout from 5958 - 6091 from the bottom of the range took 3 candles to breakout above the range. In fact the 3rd hour candle broke above the range and closed well above it which shows high momentum of price.
  • But the current breakout took longer to complete which shows not so strong momentum as the first one. But every breakout or situation is unique in stock market. So if key levels are not broken price may achieve its target in a different manner.
  • This breakout although it reached the first target of 6300 i mentioned in yesterdays intraday update, The rules of the range Breakout says 6400 and above. Nifty futures should trade above 6233
  • YESTERDAY'S NIFTY FUTURES INTRADAY UPDATE

CHART-II
  • EURUSD Has given a breakout of the range.
  • Target for the breakout is around 1.42.
 CHART-I
  • EUR/USD is showing a range in 4 hour chart.
  • 1.3744 - 1.3804. can act as a support area.
  • 1.3998 - 1.4033 is acting as resistance.
  • Next big move possible only after this range gets resolved
NIFTY SPOT DAILY CHART
NIFTY FUTURES HOUR CHART
  • First chart is of Nifty spot daily time frame. Shows the support at 6073 levels.
  • Nifty spot rose from 6073 levels to breakout above the range at 6223.
  • This breakout should take nifty spot above 6300.
  • Now the second chart which is nifty futures hour chart shows the range of 6090 - 6246. Breakout from this range should give 156 points.
  • So Nifty futures is targeting a number above 6400.
  • S&P 500 Weekly chart is making good progress towards its short term target of 1220.
  • Today Price reached a high of 1184, But could not sustain at higher levels and closed near 1178
  • Line chart shows the possibility of a  golden cross  happening in daily chart with the 50 DMA about to cross the 200 DMA.
  • EUR/USD is showing a range in 4 hour chart.
  • 1.3744 - 1.3804. can act as a support area.
  • 1.3998 - 1.4033 is acting as resistance.
  • Next big move possible only after this range gets resolved

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.

Followers

Blog Archive

Powered by Blogger.

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