July 25, 2011
- Dow Jones is forming an Ascending triangle pattern and a Double Top.
- Considering the fundamental situation an ascending triangle is very likely to play out.
- If Price gets support @ the rising trend line then we might see a breakout above 12750 levels.
- Price not holding the support line and and breaking below 12296 will lead to a Double Top pattern.
- LAST UPDATE ON DOW JONES - RESISTANCE @ 12750
- The Gap Down Opening took price below 50 Hour moving average. But price did not test 200 Hour moving average.
- Large correction may happen only if price stays below 200 Hour moving average.
- 15 Minutes chart shows a bearish flag pattern. This one can go both ways an upper breakout may fill the remaining Gap and downside break may give 1323 level again.
- S&P 500 WEEKEND UPDATE
- Triangle breakout followed by Day high breakout has given good up move for intraday Bulls.
- Nifty is getting resisted at the previous resistance level 5652
- This level has to be taken out convincingly buy bulls for a larger up move to happen
- Price staying below 5613 may favor bears
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