January 12, 2012

QQQ Trend update


 
  • QQQ Weekly chart is closing in on a possible resistance line
  • First signs of weakness near resistance line will be visible in Hourly chart. Price is yet to show such weakness in hourly chart.
  • Up trend in hourly chart will be safe above 50 Hour SMA and the Hourly cloud.

DELL Triangle pattern


  • Dell has moved out of the triangle pattern in daily chart.
  • Price has to sustain above 16 Level for extending gains.
  • ES RESISTANCE LINE

ES Resistance line

  • ES Daily approaching resistance line.
  • Bulls shall stay above this line for extending this up move.
  • Getting resisted at this line may result in  correction.
  • COPPER TRIANGLE BREAKOUT


COPPER Triangle breakout

TARGETS FOR BREAKOUT
CHART-I

  • Copper has give a breakout from the triangle pattern which was discussed in an earlier post.
  • Price may give 3.6178 level as first target for this breakout. Sustaining above it will extend this up move in copper.
  • MCX Copper chart below this post
MCX COPPER CHART
  • Day closing above 415 can extend the current up move in MCX copper. 


Nifty intraday Update


INFOSYS Charts before quarterly results

CHART-II - UPDATED
  • Reaction to the news as of now looks bearish. Day closing below 50 SMA and the up trend line will favor bears.
CHART-I
  • If the results does not give wild moves one should look at the range that has formed in the charts to go long or short. 
  • Upper end of the range is 2894 and lower end is 2810. It's better to take  a position after the news is released so that one does not get trapped on the wrong side. For a positional trade tomorrows weekly close may give more clarity.

SPY Trend Update

  • Hour up trend will be safe above 50 Hour SMA.
  • Important levels for SPY are 128.38 as support and 129.65 as short term resistance.
  • Up trend will be safe if price remains above the dotted trend line and the hourly cloud.
  • For bears price need to fall below 50 Hour SMA.
  • GOOGLE FALLS TO 50 DAY SMA
  • MSFT PAUSES NEAR RESISTANCE LEVEL