Stock Market Chart Analysis

July 5, 2011

Crude Oil daily chart has broken above the resistance line.
Immediate resistance is at the 50 day moving average.
Bulls of crude oil can extend the rally if price is able to stay above this moving average.

Price continue to move up in a narrow channel.
Price has not even touched the 20 period moving average for this time frame
For bears they have to break the channel and 20 period moving average for a correction to happen.

CHART-II

CHART-I

ES in a range in 30 Minutes
Last smaller range between 1311 and 1317 gave good long trade after an upper breakout.
This one is even bigger 1328 - 1337 and expecting better direction out of this range.
DOW JONES WEEKEND UPDATE

BANK NIFTY DAILY

STATE BANK OF INDIA DAILY CHARTS

INDIA VIX

Bank nifty is slowing down near 200 DMA.
Price has given a doji candle near 200 DMA. Doji shows indecision and when it comes near moving important moving averages or trend lines it usually lead to a good move in either direction.
SBI is pausing at 38.2% Fib resistance level and near 50 Day moving average. Price should sustain above these levels for this up move of SBI to continue.
India Vix seems to be making a bottom. If stochastic starts to move up then we may see the VIX move up.

AAPL on Friday closed at the resistance line.
Indicators have reached overbought levels.
Overbought indicator reading near this resistance line has given good short trades as of now.
So if price gives negative candle near the resistance line then its time to go short again.
DOW JONES WEEKEND UPDATE
S&P 500 WEEKEND UPDATE

Nifty daily chart with the broken trend line
Price is not able to sustain above this hidden trend line.
For bulls if they are not move towards 200 DMA they have to stay above this trend line.
Staying below it will favor bears.

Bank nifty near 200 DMA and the trend line.
It will find it tough to cross the confluence of resistance.
If it manages to cross this level then the next logical target would be the 50% Fib level shown in 2nd chart which is 11660 level.
Indicators in daily time frame has reached overbought levels which can give some negative or sideways action before the next up move.
NIFTY WEEKEND UPDATE