October 18, 2010

BAIDU Triangle Breakout

CHART-II
CHART-I
  • Baidu has broken out of the triangle and has broken above the resistance level of 102.
  • The next resistances are 104 and 106.
  • GOOGLE TRIANGLE BREAKOUT

S&P 500 Near resistance level

  • S&P 500 Hour chart shown with a range of 1162 - 1180
  • Price is approaching the top of the range. 1180 is a good resistance level.
  • More upsides are possible only if 1180 level. If price manages to breakout next resistance level is at 1190 area.
  • DOW JONES WEEKEND ANALYSIS

S&P 500 futures before opening bell

ONE HOUR CHART
 FOUR HOUR CHART
  • One hour chart showing a range of 1162 - 1180. Bigger moves are possible when the range gets resolved.
  • 4 hour chart showing a channel. Price violated the lower boundary for a while but has managed to get back into the channel again.
  • Trading above 1175 will give a bullish look to the 4 hour chart.
  • DOW JONES WEEKEND ANALYSIS

Broadening pattern gives support

CHART-II
  • Nifty futures trading above 6091 will be positive for the index.
  • If sustains above this level NF should move to the top of the range or to the top of the broadening pattern.
CHART-I
  • The support line of the broadening pattern gives support.
  • But things will favour bulls only if it trades above 6091. I am expecting NF to get resisted around 6091 levels and test the support area of 5939 - 5961 during this week.
  • A sharp recovery is possible only if NF trades above 6091 with good volumes.

Nifty futures intraday update

HOUR CHART
DAILY CHART
  • Nifty futures as expected on Friday's eod post is about to trade below 6000.
  • First chart shows a possible support are 5939 - 5961.
  • Other chart shows the effect of dark cloud cover pattern.

Nifty daily analysis

  • Nifty has closed below its 5 day low ema decisively for the first time after the up trend began from 5500 levels. The last time it closed below its 5 day low ema was around 5400 levels.
  • An ascending broadening wedge or an ascending megaphone is possible. A broadening top is also possible. Both these patterns may give support for nifty in the short term. Breaking the support line of these patterns will be negative.
  • Dow Jones weekend analysis