Stock Market Chart Analysis: 12/27/10

December 27, 2010

EURUSD Four hour chart is looking good for a long trade.
If the pair trades above 1.3202 it can move up till the black trend line and hits resistance there.
Bigger up move may happen only if the resisting trend line gets broken.
Four hour chart also forming a triangle like pattern.

S&P 500 Futures Hour chart is taking support at 1245.44 level.
Price is not able to close and trade above its 50 hour moving average convincingly.
Resistance in hour time frame is at 1250.75.
Violation of this range can give large movement for ES.
BIDU TREND LINE SUPPORT
APPLE WEEKEND UPDATE
BULLISH HAMMER OF NFLX

Line chart shows nifty hitting the resistance zone at around 6010 levels.
Nifty should make a close above this zone for favoring bulls.
50 DAM is around 6018 levels price should close above this level too for a sustained up ward move to happen.
Bears would hope that price hits resistance here again. For bears good gains can come only if the 20 DMA gets broken.
BANK NIFTY TECHNICAL ANALYSIS
MCLEOD RUSSEL INDIA LTD CHART ANALYSIS
RELIANCE COMMUNICATION PRICE AND VOLUME ANALYSIS

Bank nifty is approaching its 20 day moving average.
Twice in the recent past we had good reaction from 20 day moving average. Since price is trading close to support and resistance lines as shown in the first chart we may see good reaction soon.
11660 is the important resistance level. 20 DMA is situated there. Above 20 DMA there is a resistance line which is shown in first chart that may act as resistance.
MCLEOD RUSSEL INDIA LTD CHART ANALYSIS.
RELIANCE COMMUNICATION PRICE AND VOLUME ANALYSIS