December 20, 2010

CHART-II
  • The resistance line is violated and price has given an up move. But Hour chart has one more Resistance level to cross at 125.23. Getting resisted here will be negative and a retest of the cloud may happen.
CHART-I
  • SPY Hour chart is trading close to support and resistance lines.
  • Price is trading inside the hour cloud.
  • Breaking below the cloud can change the trend in hour time frame completely.
  • While breaking above the resistance line will resume the up trend.
  • Dow Jones hour chart is trading close to support and resistance lines.
  • Price breaking out and sustaining above 11518 can give good up move.
  • Breaking below the support line will be negative. 
  • Downside may be limited because of the larger trend which is up as shown in the second chart. Price is trading well above 50 hour moving average and the cloud.
  • NFLX WEEKEND UPDATE

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  • Negative divergence gives a correction.
CHART-II
  • We had a small dip from the high of the day.
  • But the trend line has given support. bigger correction only if the trend line gets violated.
CHART-I
  • Price has gone above the recent high of 5975
  • But 5 minutes chart is showing negative divergence.
  • If Price sustains above 5975 negative divergence will vanish.
  • If gets resisted here we may see an intraday dip
  • Nifty Futures 30 minutes chart with rising support levels that is keeping the bulls interested.
  • Support line break may give an opportunity for bears.
  • Price if continues to go up will meet with the main resistance level at around 6040 NF.
  • Nifty Futures fibonacci levels and today's GAP in 15 minutes chart.
  • Nifty breaking the sloping trend line will be positive.
  • But bigger up move can only happen if 6035 level is crossed on closing basis.
  • 50 DMA and lots of resistance levels converge near 6035 levels this will make it tougher for bulls to cross this level.
  • Trading below the trend line and breaking below 5890 will favor bears.
  • BANK NIFTY ANALYSIS
  • TATA MOTORS CHART ANALYSIS
  • TATA STEEL DIAMOND PATTERN
  • NIFTY FUTURES BREAKOUT

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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