October 15, 2010

  • Dow Jones futures is showing resistance at 11100
  • Price has violated yesterday's low of 10962.
  • If 10962 does not hold, Next possible support is at 10940 levels.
  • S&P 500 SUPPORT AND RESISTANCE LEVELS
CHART-II
  • S&P 500 Futures moving to the bottom of the channel. 1162 may give support
CHART-I
  • S&P 500 Futures Hour chart in a channel.
  • Channel comes with a breakout which went till 1181 levels and price re entered the channel.
  • Now Price is trying to breakout of the channel again. But 1181 level will act as resistance now.
  • Correction followed by the dark cloud cover formed yesterday.
  • This is one of the most reliable candlestick patterns.
  • The low point of 6078 is broken too. This can give some more correction. I am expecting NF to trade below 6000 next week.
  • DARK CLOUD COVER WAS FORMED YESTERDY CLICK HERE TO SEE IT

  • The trend line in hour chart is broken 
  • Next important supports are between 6078 - 6091
  • This band should give support to futures otherwise correction can be big
CHART-II
CHART-I
  • Gold Hour chart is in a triangle formation
  • Breakout above 1383.06 will favour the bulls of gold
  • Breakdown below 1375.81 will favour the bears.
  • EUR/USD has broke out above the range of 1.3998 - 1.4033. The pair has also finished a retest of the breakout area.
  • Now it may be time to move ahead for the pair. If trades above 1.4120 we will see 1.42 soon.
HOUR CHART - II
  • Price is trading close to the trend line, one can expect a bounce from here or a breakdown of the trend line may also happen.
HOUR CHART - I
DAILY CHART
  • Hour chart is showing a potential ascending triangle. Break of the trend line will be crucial. But has good support around 6090 levels.
  • Daily chart is updated with yesterday's dark cloud cover pattern. Break of 6090 and  6078 will ensure the patterns effectiveness. we can see big correction if 6078 breaks. Till then bulls are safe
  • Bank nifty is showing a dark cloud cover candlestick pattern. Closing near day low would have given the perfect pattern. Any way it has closed below the 50% mark of the previous candle.
  • But any meaningful correction is possible only if price breaks the trend line shown in the second chart.
  • Nifty 5 minutes chart range breakdown: CLICK HERE
  • Nifty is in the process of making an ascending broadening wedge or an upward tilted megaphone. 
  • At some point price may come down to the support line of the drawn pattern. Especially if the current correction from 6284 continues.
  • The up move that happened above the range has turned out to be a false one. But this may be an attempt to shake out the weak bulls. So if key levels like 6073 holds another attempt to move up may happen.
  • NIFTY FUTURES UPDATE
CHART-II
  • Price takes support near the trend line. But 1173 area will act as resistance now
CHART-I
  • Today S&P 500 Futures is in a steady decline mode.
  • Price has been breaking one support after another like going down the stairs.
  • Now the main hope for the bulls is the trend line in hour chart this one should hold for more upsides.
CHART-IV
  • Dow Futures is still inside the range mentioned yesterday. Only if this range of 11100 - 10997 resolves we can get good direction.
CHART-III
  • Support zone has managed to stop the bears for now. 
CHART-II
  • Support zone of 10978 - 10997 is being tested. An hour closing below this level will favour the bears.
CHART-I
  • Dow Jones Futures hour chart with support zone between 10978 - 10997.
  • For the hour chart resistance is seen at 11100 area.
  • S&P 500 SUPPORT AND RESISTANCE LEVELS

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