Nifty futures support line

TARGET ACHIEVED

UPDATED CHART 

• Nifty futures is showing a good support line in its daily time frame. 
• Break of this line could give a correction till 5400 levels.
• On the contrary as it had done for the last 5 trading days the line may give support for the index as well.

Nifty daily chart analysis

• The second chart shows how a broken resistance can act as support. And that's why when a pattern breaks out the price comes back and retest the broken line. Only to move up from there.
• The retesting of the broken area is not a thumb rule. But small traders who take a position when the break out happens are thrown out of the trade when the retest happens.
• The first chart shows the break of raising wedge and the price did not move down. But it started moving in the opposite direction. Now that the retesting of the broken line has finished. Nifty may start moving down.
• The Break out above 5350 has an impending target of 5520 that has not happened yet.

Dow Jones Futures Resistance line

• Dow Jones Futures 4 hour chart with resistance line and 50 hour moving average.
• The resistance line seems to be too strong to break.
• The index has got support from 50 hour moving average.
• Only a close below the moving average can turn the trend.

S&P 500 Trend line Support

• S&P 500 Daily chart with Trend line.
• The trend line that has given support for the index For sometime may break today.
• If the index closes below the trend line We may see good correction in S&P 500

Nifty Futures Support line

• Nifty futures is trading near support line.
• If the index gets support from here a retest of the recent high's is possible.
• If the support is broken a good correction up to 5400 levels can be seen

Nifty daily chart analysis

CLOSER VIEW OF THE CONSOLIDATION BREAKOUT

• Nifty has closed above 5 day high ema.
• Nifty has also broken a consolidation range and has closed above it.
• If nifty trades above 5477 it should target 5520 first.

Ascending Triangle of S&P 500

• S&P 500 hour chart is showing an Ascending triangle pattern.
• 1128 is acting as the resistance. Break of this level and a close above it can give some more upward momentum for the index.
• But the index may find it difficult to cross this level in the short term.
• DOW JONES FUTURES RESISTANCE ZONE