- US Dollar chart with 200 Hour moving average.
- US Dollar is finding resistance at the 200 Hour moving average
- Price has to trade above or below the dotted lines to give good direction.
December 10, 2010
- ES is showing an ascending triangle pattern.
- 1238 is the breakout level.
- Sustaining above 1238 will favor bulls. Breaking the supporting trend line will favor bears
- SPX CHART WITH AN INVERTED HEAD AND SHOULDERS PATTERN
- The resistance zone is broken.
- If price sustains above 5870 NF may get to 5892.
CHART - I
- NF is showing a resistance zone from morning which is 5860 - 5870.
- Break below the support line may attract selling in NF.
- The resistance zone of 5860 - 5870 should be crossed for good up moves to happen
- NF is unable to cross this 5860 level.
- Bigger up moves will be possible only if NF crosses this level and close above it
- Nifty Futures gave long entry's above 5789 and 5803.
- Yesterday's Break down area of 5860 is acting as resistance.
- Sustaining Above 5860 NF may go to 5892 level
- First chart shows the well known 50 DMA resistance and a close below 100 DMA.
- The next two charts shows the weekly resistance which can act as support. Some more down side to go for those levels to reach.
- According to the line chart we should not break below 5690 for the resistance turning support chart to work.
- Next chart shows the trend line from the lows made in February 2009. If this line holds the index from falling further we may get a bounce.
- Last chart is were we are waiting for a weekly close to get confirmation of another bearish engulfing in chart. It will be rare to see two bearish engulfing in the space of 5 to 6 weeks if it happens.
- S&P 500 EOD ANALYSIS (INVERTED HEAD AND SHOULDERS PATTERN)
30 MINUTES CHART
- Weekly chart of S&P 500 has given a new high. Sustaining above 1227 will extend this up move. Weekly close above this level will favor bulls.
- Shorter time frame charts like 30 minutes are showing bullish continuation patterns like Ascending triangle and Inverted head and shoulders.
- If the patterns in shorter time frame work bulls can easily extend this to 1250 levels and above that. If the patterns get busted bears will make a comeback.
- ASCENDING TRIANGLE OF S&P 500
- Ascending triangle shown below has given a breakout
- Breakout can be a false one. So price sustaining above 1236 is mandatory for this one to achieve its goal.
- SPX 15 Minutes chart is showing an ascending triangle pattern.
- 1235 area is acting as resistance. Break of this level can give good upward momentum for the index.
- Sine ascending Triangle known to break on the upside we can expect an up move. But if the supporting trend breaks this pattern will become invalid. Break of trend line will help bears to drag price down Trading below 1226 will favor bears.