June 3, 2010

SP 500 PENNANT IN 5 MINUTES CHART

  • SP 500 has given another bullish formation in 5 minutes this time.
  • Bullish pennant has given a break out.
  • Although the pennant is not a perfect one. This will be positive for the bulls. As the break out will help the triangle break out in the larger time frame.

DOW JONES RISING WEDGE AND TRIANGLE


  • The fight between bulls and bears are clearly visible in the charts.
  • Bulls trying to keep the triangle intact
  • Bears want the rising wedge to break down the bottom trend line.
  • Lets see who wins at last. My personal view is that the triangle will win at last.
  • Caution i may go wrong so have stop loss.

DOW JONES TRIANGLE DOING A CLASSIC RETEST

  • DOW JONES which broke out of a triangle might do a classic retest of the trend line before making moving up again.
  • 10200 should also act as good support.

DOW JONES RESISTANCE LINE IN DAILY CHART

  • Dow jones has resistance around 10350 for today.
  • The resistance line should be broken for any upside targets to unfold from here.
  • If the index starts to trade above the 20 day SMA it should cross the resistance without any problems

MICROSOFT HAS GOOD SUPPORT AT 24

  • As i have shown in the previous post of microsoft, The stock has good support at 24
  • Now it has taken support at 24 and it is now targetting it's 20 day moving average.
  • If MACD gives a buy signal the stock may go above its 20 day moving average. 
  • So a buy in this stock is advised with a stop loss of 24.

AMGEN CO(AMGN) HIGH VOLUME BREAK OUT

  • Amgen co has given a high volume break out.
  • Trading above yesterday's close the stock should achieve 61 easily.
  • Price has closed above 5 day EMA and 20 day SMA.
Thank you

NIFTY LINE CHART SHOWING SUPPORT FOR BULLS

  • Nifty hour chart showing a support band between 5080-5089.
  • As long as nifty trades above this band today bulls are safe.
thank you

RENUKA SUGARS LTD NEGATIVE DIVERGENCE

  • RENUKA SUGARS LTD is showing negative divergence in hourly chart.
  • Breach of the trend line will be warning for the bulls. If the trend line is not breached one can hold on to the buy call.
  • Renuka Sugars gave a break out recently CLICK HERE TO SEE IT
Thank you

HANG SENG TRADING ABOVE 20 DAY MOVING AVERAGE

  • Hang seng index having broken a major trend line is trading above its 20 day moving average. 
  • The index may move up till it's 50 day moving average.
  • So the strength in asian markets like hang seng may help nifty continue its upward journey.
thank you

NIFTY FIBO LEVELS WITH EXTENSION TARGETS


  • Nifty Fibonacci levels in hourly chart with extension target of 5180.
  • If nifty manages to close above the resistance line mentioned in the chart. The target of 5180 is possible.
  • Again another Fibonacci Magic look were the extension target is mentioned at the triple top area.
Thank you

NIFTY SHORTING AREA


  • NIFTY MAY BE SHORTED BELOW 5085 IN THE HOPE THAT IT MAY FILL TODAY'S GAP
THANK YOU

GAP ANALYSIS IN HOURLY CHART


  • Some time a gap which is left unfilled may suggest you of a short term reversal.
  • See how all the gaps are filled but the one gap at the bottom of this chart is not yet filled.
thank you

NIFTY IS TRADING NEAR RESISTANCE


  • NIFTY IS TRADING NEAR IT'S RESISTANCE AREA
  • ANY UPSIDE POSSIBILITIES ONLY AFTER BREAK OUT OF THIS RESISTANCE
THANK YOU

DOW JONES ANALYSIS AFTER CLOSING BELL


  • Dow Jones has given a triangle break out. If this one is not a false break out the target is more than 10700.
  • But for now The channel break out is were we have to concentrate. This is the first time a bullish candle has closed outside the channel in 32 days .
  • The 20 day SMA is not captured yet. A successful close above this moving average.
  • The 20 day SMA and 5 day EMA crossover has not yet done yet. MACD crossover is also not done yet.
  • IF both the crossovers is done that can be confirmation of a successful triangle break out.
thank you

SP 500 END OF DAY ANALYSIS FOR JUNE SECOND

SP 500 EOD ANALYSIS

  • SP 500 Index has closed on a positive note.
  • This is the second attempt of reversal from this channel.
  • First time it was failed and resistance was just below the 20 day moving average
  • 2nd time the index has closed below 20 day SMA. But this time the reversal may happend
  • If you are a moving average crossover trader, I have plotter the 5 day EMA and the 20 day SMA the crossover has not yet done. One can also combine the MACD crossover to make it a better entry. Both the crossovers are yet to happen.
THANK YOU

RUSSELL 2000 INDEX BULLISH FLAG BREAK OUT


  • RUSSELL 2000 INDEX HAS GIVEN A BREAK OUT.
  • NOW BEFORE YOU JUMP TO GO LONG. KEEP STOP LOSS JUST BELOW THE BREAK OUT POINT.
  • BECAUSE I SAW SOME PATTERNS IN ASIAN MARKETS WHICH GAVE FALSE BREAK OUTS.
  • THIS BREAK OUT CAN TARGET 670.
THANK YOU