October 27, 2010

CHART-II
  • Dow Jones reverses as expected from the yellow box marked below.

CHART-I
  • Dow Jones Hour chart with 50 and 200 Hour moving averages.
  • The dip below 50 hour has not yet reached 200 hour moving average. 
  • So going by the past price action we should see a rally towards the 50 hour moving average from here. 
  • Breaking below 11000 will be negative.
  • S&P 500 BELOW 50 HOUR MOVING AVERAGE
  • S&P 500 is Trading below its 50 Hour moving average.
  • 1171 is a support area. Break of 1171 may take it to 1165 area.
  • If 1171 holds we may see a retest of the 50 hour moving average soon.
  • Gold weekly chart is approaching the weekly trend line.
  • Break of 1300 will be bearish and can see an extended correction.
  • If the trend line gives support we can see an up move from here.
  • S&P 500 Futures 4 hour chart.
  • Price is trading between 1175 and 1181 a neutral territory from here both bulls and bears can take control.
  • By Closing above 1181 Bulls will try to reach 1190. Trading below 1175 can push the price to 1165 area.
CLICK THE CHART TO ENLARGE
  • Nifty Futures has good support between 5942 - 5984.
  • Staying above this band of support bulls can come back any time
  • If nifty closes below this band it will be tough for the bulls to come back.
CHART-III
  • Break of 6067 led to a big slide in nifty futures. Since price has moved far away from moving averages we may see a small bounce now.
CHART-II
  • Nifty Futures slipped below 6067.
  • Minor strength can be seen above 6067. But the trend line in 5 minutes and 6097 area will act as resistance. Real strength can be seen if price sustains above 6097.
  • Staying below 6067 will favour bears
CHART-I
  • Nifty Futures 5 minutes chart below the trend line.
  • The area marked was the first reversal attempt to trade above the trend line which was sold off.
  • Now bullish moves will be possible on a convincing move above this trend line till then its sell on rise.
  • Breakout above 6097 will favour bulls provided it stays above the trend line.
  • Break below 6067 will be a good place to sell again.
  • INTRADAY LIVE CHART FOR NIFTY: CLICK HERE
  • Nifty Futures breaks below 50 hour moving average.
  • Price remains in the channel and may head towards the lower boundary of the channel. If the bulls need to avoid a sell off they have to get back above 50 hour moving average soon.
  • Above channel redrawn after today's price action.
  • BEARISH CANDLE OF CNX - IT
DAILY CHART
FIBONACCI LEVELS
  • CNX - IT with the big bearish candle the effects of which are still not over.
  • Retrace was resisted exactly at the 50% level.
  • Only if price is able to close well into the top part of the bearish candle index will be able to make progress.
  • NIFTY DAILY ANALYSIS
NIFTY SPOT DAILY CHART
NIFTY FUTURES HOUR CHART
  • Nifty spot daily chart is showing resistance in the form of a resistance line. If the resistance line is not broken soon price has to test the support line before going up.
  • Nifty futures hour chart is situated between a support and resistance line that may give direction today.

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