- SPY 30 minutes chart with consolidation breakout.
- Immediate target for this breakout is 129.50 level.
- Price may retrace to fill the GAP before moving towards 129.50
- DOW JONES BROADENING PATTERN
January 12, 2011
- At 5690 level nifty has taken a pause from falling. But we should see more reversal candles for confirming a bottom formation.
- Indicators like stochastic and macd still favours bears. Stochastic is approaching oversold condition but it has both possibilities one can see a reversal from here or nifty can slide another 150 points with stochastic staying in oversold region. so one should be cautious while following indicators. See those reversal signs in price then confirm it with indicators.
- Weekly chart shows supporting trend line near 5450 this is only if 5690 gets broken. If nifty stays above 5690 we may see a bottom formation soon.
- GOLD ABOVE 50 HOUR MOVING AVERAGE
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