November 15, 2010

S&P 500 Near 200 Hour moving average

  • ES did violate the channel But found resistance below the 200 hour moving average.
  • Price may test 1191.
  • ES has gone above the resistance level of 1201.
  • Price has violated the channels resistance line.
  • But price is near the 200 hour moving average. If gets resisted here index may get back into the channel. Channel breakout will be valid only if price trades above 200 hour moving average

Dow Jones Hourly Chart analysis

  • Dow Jones hour chart with crucial resistance level of 11247 and 20 hour moving average.
  • Price is below 11247 and 20 hour moving average which can act as resistance.
  • If price manages to breakout above these two levels we can expect good upward momentum.
  • S&P 500 CHART

S&P 500 Before opening bell

  • ES Hour chart in a descending channel.
  • 1201 is the resistance level and 1191 is the support.
  • If price goes above 1201 it has to breakout of the channel for favouring bulls. But the trend in hour chart is down so sell on rise may continue for a while.
  • Breaking 1191 will give fresh lows. Price may slip below 1185. 

Nifty Futures EOD update

  • Nifty futures still within the range mentioned in the below chart.
  • Nifty Futures is showing a range of 6056 - 6143
  • 6107 is the important level within this range as this range acted as support and resistance from friday.
  • Large movements in can be expected only when this range gets resolved.

Unitech in a range

  • Unitech in daily chart shows a broad trading range of 64 - 98.
  • Stock broke out above 98 for a brief period and then sold off into the range.
  • Stock was trading in a channel in daily chart which has broken down. If 76 does not hold then stock on closing basis price may move towards the bottom of the range.

Nifty Futures Intraday update

  • 6050 - 6060 levels is giving support.
  • Resistances are at 6107 and 6145.
  • 6100-6110 of nifty futures will act as resistance in 5 minutes chart.
  • So it is sell on rise till this level is breached.
  • 6107 level acted as support on friday and is acting as resistance now.