November 2, 2010

  • ES has given a breakout above 1192.75 resistance level.
  • If sustains above 1195 index may go passed 1200 easily.
  • A retest of 1192.75 or the breakout level is possible, But if price falls below 1192.75 then this will become another false move.

  • BAIDU hour chart with 50 hour moving average and the down trend line.
  • Now price is trading near 50 hour moving average and below the down trend line in hour chart.
  • This area may act as an intraday resistance zone.
  • If price closes above the moving average and the down trend line it will favour the bulls.
  • 707 - 711 area seems to be the supply zone for RUT in daily chart.
  • 686 - 690 is the area which is supporting from breaking down.
  • Price violation of this range with good volumes can give good direction.
  • S&P 500 ANALYSIS AFTER CLOSING BELL ( THE DAYS OF LONG SHADOWS)
  • Apple has broken the down trend line in four hour chart.
  • Stock also took support near the 50 moving average in four hour chart.
  • 311, 314 and 318 will act as resistance levels for the stock on its way up.
  • Retrace towards the broken trend line is possible.
  • Any price action below the trend line and the moving average shown in chart will be negative for the stock.
  • MSFT above 200 DMA
  • Microsoft is trading above 200 DMA.
  • Daily close above 200 DMA will be positive news for the bulls.
  • 27 is the important level for the bulls to defend. Trading and closing above 27 will be important for sustaining the up ward momentum.
  • S&P 500 Futures with resistance line at 1192.50.
  • Break of the supporting trendline will be negative for the bulls and will put a break on the upward momentum seen today.
  • S&P 500 ANALYSIS AFTER CLOSING BELL ( THE DAYS OF LONG SHADOWS)
DAILY CHART
DAILY LINE CHART
  • Important support for unitech is 86 and 83.
  • Things will favour bulls only if it starts to trade above 90 and 91.
  • Closing below 86 will be negative.
  • The Structure of the stock looks still positive with higher high's and higher lows. So the bulls may not panic unless the stock breaks and closes below 83.
  • One of the trend lines drawn in the first chart should give support for the stock. One should also keep a watch on how the stock behaves near 50 DMA.
  • Important resistance levels in hour chart is 6177 , 6246 and 6313.
  • 5960 are may act as a support level.
  • The GAP since it is not filled will be important. If price falls below the GAP we may drift to 5960.
  • Price remaining above the GAP will increase the chance of an upside breakout above 6177.
BANK NIFTY DAILY CHART
  • Bank nifty has gained good momentum on friday after getting support from 50 DMA.
  • A Long trade taken at 50 DMA would have given good profits. 
  • Now the index has resistance at 12830 levels. But index seems to be gaining momentum with the index covering nearly 800 points in two days.
  • Breakout above 12830 can give some more upsides for this index.
  • SUZLON ENERGY ANALYSIS
WEEKLY LINE CHARTS OF SUZLON ENERGY
  • Weekly chart shows two possibilities.
  • A long one with the Inverted head and shoulders that may play out on a close above 61.
  • Price will favour bears on  a close below 55. 
  • Those who are planning to go long should take a note of the negative divergence that is developing in weekly chart.
  • If nifty spot decides to go up The main resistances for nify are 6151, 6223, 6284.
  • Yesterday's opening GAP is yet to be filled.
  • If 6151 acts as resistance Nifty spot may test the GAP.
  • 2nd chart shows nifty breaking and closing outside the channel and the 20 DMA.
  • BANK NIFTY ANALYSIS
  • SUZLON ENERGY ANALYSIS
  • First chart shows the daily candles for the last 8 trading days most of them gave good intraday movements but on closing basis there is very little movement resulting Mostly in doji candles with long upper or lower shadows. This kind of consolidation mostly results in big breakout towards one side.
  • 2nd chart shows the 4 hour chart with 50 moving average that has given support for the index. When SPX traded at 1177 according to the previous price action it was an easy long to take.
  • S&P 500 INTRADAY POST

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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"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