June 6, 2010

Dow jones weekly fibonacci levels


  • Dow jones was resisted at the 61.8% retracement level of the fall from 14000 to 6400.
  • If 9800 does not hold chances are this fall may stretch till 9400 this is the 38.2% retracement level of the same fall.
  • The only savior of the bulls may be the FALLING WEDGE IN DAILY CHART CLICK HERE TO SEE THE FALLING WEDGE IN DOW JONES

TATA STEEL daily chart analysis

  • The first chart shows tata steel breaking down from an upward moving channel.
  • Came down from 700 levels to 470 levels.
  • The stock is trading close to a trend line.
  • It is showing positive divergence although there is no price confirmation of a reversal yet.
  • The stock has to break the trend line and close above the 20 day moving average for a short term buying opportunity.
  • CLICK HERE TO SEE NIFTY DAILY CHART ANALYSIS

RENUKA SUGARS Ltd Approaching Cloud resistance

  • After closing above the 20 day moving average renuka sugars has made a good up move.
  • Now it is approaching the ichi cloud resistance 
  • Any more upsides is possible only if the stock can close above the cloud successfully
  • CLICK HERE TO SEE MY RECENT POST ON RENUKA SUGARS

FALSE BREAKOUTS OF BANK NIFTY

  • Bank nifty has given two false break outs in daily chart.
  • The previous two triangles which broke on the down side ended up as false break outs.
  • The current break out has happened on the upside so will this be a false one as well. Looking at the global markets situation it may en up as another false break out.
  • CLICK HERE TO SEE NIFTY WEEKLY ANALYSIS