- EUR/JPY pair has broken the channel in 4 hour chart.
- If the pair manages to get back into the channel an up move is possible.
- Staying below the support line will favour the bears.
October 19, 2010
- ES Breaks the support line. Trading below 1164 will be negative for the bulls
- S&P 500 Futures hour chart seems to be developing into an ascending triangle formation with 1181 as the main resistance level. Index is not able to cross this resistance for some time.
- The supporting trend line is also looking strong, So price converging between these two lines will result in a breakout soon.
- Trading below 1164 will be negative for the bulls. Trading above 1181 will favour the bulls.
- DOW JONES RESISTANCE LINE
- Look at the first chart the correction started exactly from the 50% fib level.
- For this move support are may come at 6003 or 5960 if it doesn't stop there one can also look for the trend line of the broadening pattern which may be the last hope for bulls.
- NIFTY INTRADAY UPDATE
- Reliance industries is forming a rising wedge pattern.
- Price took support at the support line of the pattern and may start moving up towards the resistance line of the pattern where it will find resistance.
- Breakdown of the support line will be negative for the stock.
- LIVE CHART FOR RELIANCE INDUSTRIES
- Nifty did manage to pull back from day's low and tried to stay above the price pivot zone of 6037 - 6075. This zone is important, trading above this zone will favour bulls and bears will try to pull price down below this zone.
- Nifty is forming a broadening top pattern. One point to note about broadening top pattern is that they are not as bearish a pattern as suggested by the name. 50% of time they breakout on the upside.
- Price managed to close above 5 day low ema and has created a hammer candlestick which can result in some upside.
- NIFTY FUTURES BROADENING PATTERN