- If dow jones closes below the horizontal line. The index will make a new lowest closing price for this year.
- That means closing near day's low point as well.
- It is clearly a bearish news. And chances of breaking below 9750 will increase
- But Even if we close below 9900 the falling wedge pattern will still be intact giving hopes to those bulls who has not triggered their stop loss yet.
- CLICK HERE TO SEE THE FALLING WEDGE IN DAILY CHART
- SP 500 hour chart fibonnacci levels shows resistance at 1072.84 that is the 38.2% level.
- But right now the index is finding tough to stand above 1064 that is the 23.6% level.
- 1079 is the 50% retracement level above which retail traders might become slightly positive.
EUROPEAN MARKETS
CAC
DAX
- The european markets opened weak. But after the data from germany they are all inching higer
- German data was solid That might ease some concern in europe.
- S&P and dow may open higher because of this positive news from europe.
- Futures for dow and sp 500 are indicating a positive opening till now.
EUROPEAN MARKETS
CAC
DAX
- The european markets opened weak. But after the data from germany they are all inching higer
- German data was solid That might ease some concern in europe.
- S&P and dow may open higher because of this positive news from europe.
- Futures for dow and sp 500 are indicating a positive opening till now.
- I thought today morning the gap of friday was filled.
- I had some problem with my charts which was corrected at 2 o clock.
- Now when i refilled the data, the gap is not filled although yahoo data is showing something else.
- if we close near the lows of the day the island reversal possibility is there.
- At least a correction of 5% from here can be expected if the pattern is confirmed
- Nifty hour chart had negative divergence
- But the price confirmation came with a big gap down. So it did not gave a chance to enter.
- NIFTY has closed the gap that was created on friday.
- I was expecting to see an ISLAND REVERSAL. But in yahoo page the opening is shown at 5132 so the gap stands filled. I have to recheck this again.
- But the main thing is that we have one more gap that's not filled and that is at 4800 levels. If global markets remain week through out this week nifty may try to fill that gap as well.
- CLICK HERE TO SEE GAP ANALYSIS DONE LAST WEEK
- Reliance industries is trading near the ascending triangles bottom trend line.
- If the trend line gives support it can give a good up move.
- If it breaks a large correction can be expected. But my personal view is that having given support so many times this trend line will again save reliance industries.
- So one can play long with a stop loss just below the trend line.
- CLICH HERE TO SEE NIFTY WEEKEND ANALYSIS
