July 2, 2011

  • From the above charts the conclusion is that price is moving towards 1370 level.
  • Next small hurdle in daily chart is 1344. Above 1344 price will test 1370.
  • Weekly stochastic is favoring bulls. Stochastic in daily chart is highly overbought which can result in a correction.
  • As long as 1300 is protected on closing basis by bulls price will continue to move up.
  • RESISTANCE LINE OF AMAZON
  • Nifty after breaking out above 5604 is giving confusing signals.
  • But the above charts suggest a trade between 50 and 200 Day Moving Averages. 
  • A bigger move can be expected when either of these levels get violated.
  • For levels one should watch out 5604. If price stays above this level Bulls are clearly strong. They should cross 200 DMA @ 5750 and head higher.
  • Closing below 5604 will favor bears.
  • DOW JONES WEEKEND UPDATE
  • AMAZON Weekly chart with its resistance line
  • Price will it this line if it gets to about 211 level  next week.
  • Weekly candle shows good upward momentum. But if price is to go up this line should be broken.
  • Price stalling at the trend line can be used to go for a short trade.

Disclaimer

All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.

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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