CHART-II
- 50 Hour moving average and the trend line joined together to pull NF down.
CHART-I
- Hour chart with trend line and the 50 hour moving average.
- The current hour is resisted by both the moving average and the trend line.
- So if nifty manages to break above it will gather good momentum.
- But possibilities are NF may face resistance here.
- Nifty futures hour chart with possible lines that could resist and support the progress of the index.
- Two lines of resistances are drawn NF is finding it tough to cross the first one. If it spends more time without breaking above it NF may come down to 6030 levels or even to the bottom support line.
- Break of the first resistance may trigger a rally towards the major resistance line drawn here.
- Break of support line will be negative and if 6000 breaks we may see an extended correction.
- Nifty Fib levels showing the resistance at 23.6%
- 2nd chart shows a range of 6000 - 6042
- 6042 is near the 23.6% fib level area. So if nifty futures breaks above 6042 it can move till the next area of 38.6% level.
- Remaining in the range breaking the bottom level can extend this correction.
- Bank nifty is near its support level of 12037 - 120368.
- Index is also showing a consolidation triangle pattern.
- So price should give good direction soon.
- Nifty has closes well below 20 sma and the 5 day low ema showing weakness.
- Most of the recent closes below 5 day low ema has been bought by the bulls so we may see that happen again.
- Daily chart is also showing a triangle shaped consolidation which may give good direction
- NIFTY FUTURES SUPPORT LEVELS
DAILY CHART
HOUR CHART
- Daily chart made a good comeback today from the low of the day which was at 1171.70 to close above 1182.
- Intraday dip below 10 DMA did not sustain. Bulls showed a hammer candle which is a bullish reversal pattern when comes at the bottom of a trend. This candle may not be of much relevance here but shows the attempt of bulls to keep the price above crucial levels.
- One look at the hour chart shows a channel formation with today's low touching the support line and reversing probably towards the upper end of the channel or at least towards the middle of the channel.
- CLICK HERE TO SEE HOW DOW JONES REVERSED TODAY.
- Break of 1179.52 eventually led to the break of the resistance line.
- Price has made a close above the resistance line which can lead to a continuation of this up move tomorrow.
CHART-I
- S&P 500 is trading below the trend line in 15 minutes chart.
- Strength can be seen only if price breaks and trades above the trend line.
- Today Price is showing a range of 1171-70 - 1179.52.
- Violation of either of these numbers can give good direction.
- Break of 1179.52 may find resistance at the trend line.
