SPY Resistance line

CHART-II

• Price has broken the resistance line discussed below. Price is now testing the 50 Hour moving average. Staying above the same will be good for the bulls.

CHART-I

• SPY 15 Minutes chart is approaching a resistance line
• Hour chart shows price near 50 Hour moving average.
• So Bulls need to stay above these level for extending gains.

NIFTY Hour - Falling wedge

• Nifty hour has a possible falling wedge pattern
• Falling wedge patterns are Bullish reversal pattern.
• Break of the resistance line can give an up move for nifty.
• Break of support line will favor bears for further correction towards 5350.

NIFTY Spot Intraday update

CHART-III

• Nifty 5 Minutes chart has given a breakdown as shown in the below chart
• But for bulls hour chart has one last support line which bears need to break and close below it.

CHART-II

CHART-I

• Nifty spot in a range from 5421 - 5460.
• This range has to be resolved for the next direction.

NIFTY A Bear Flag with Low Volume

• Nifty Weekly chart is hitting an important trend line. Price has bounced many times from this trend line as shown in the First chart. Most Important Thing is that this is a line chart So price can violate the trend line and still comeback to close above the trend line on Friday that is the last day of the week. 
• Then the much discussed bear flag has given a breakdown. But on seeing the volume the validity of the breakdown has to be questioned. Look at the volumes, one of the lowest volume day's for the current series so one has to manage their short position carefully.
• DOW JONES DAILY CHART ANALYSIS