November 30, 2010

CHART-II
  • The broken resistance level of 5855 - 5870 is acting as support now.
  • Bulls are safe as long as NF does not go below 5855
CHART-I
  • Nifty Futures should trade above the resistance band of 5855 - 5870.
  • Price should sustain above the black trend line for this up move to continue.
  • Dip below 5855 will be negative.
  • First chart shows nifty taking support near 100 DMA. But we have to see for how long this support last. If price consolidates here without making new lows an up move is possible.
  • Second chart shows a narrow down trending channel of nifty spot. Breakout of the resisting trend line can give an up move.
  • DOW JONES EOD ANALYSIS

DOW JONES 5 MINUTES CHART
DOW JONES HOUR CHART
DOW JONES DAILY CHART
  • Range in 5 minutes chart gave a good entry today when it gave an up side breakout as shown in the first chart.
  • Range in hour chart was Violated but Price went back into the range before closing. But the fact that the range was violated should be a negative factor unless price decides to breakout above the range.
  • Daily chart shows price violating the 50 DMA. Despite price coming back to close near the high of the day closing was a just below the 50 DMA.

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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