- Dow jones 5 minutes chart seems to be trading in an ascending triangle.
- A Break out on the upside should give at least 30 points.
- Break down on the lower side should bring it below 10180
July 12, 2010
- The death cross has not given anything for the bears till now.
- But the rally if stops before 50 day SMA or 200 day SMA will give the bears a chance to go short aggressively.
- For the bulls a strong breakout above 10200-10300 may take it till 10600 levels again.
- DOW TRADING NEAR 50 WEEK MOVING AVERAGE
- Microsoft stock is trading above a trend line in daily chart. It is respecting the trend line till now.
- Between 24 to 25 the stock will hit the channel top resistance. and a band of resistance in the same area.
- So at 25 one can try to go short with a small stop loss. The risk reward ration seems to be good if one go short near the channel top
- Nifty 15 Minutes Chart showing Support and Resistance for the index.
- If the price closes within this pattern another gap up or gap down will play out to decide the next direction.
- The Hour chart trend line is holding nifty up.
- But if nifty goes up to the recent high above 5400 the hour rsi will start developing negative divergence.
- RSI has already broken its hour trend line.
- To negate this short term negative picture nifty should close above its day high.
- See how nifty makes a consolidation pattern in hourly and gap's up in the morning.
- The hour consolidations did not give an intraday entry.
- The hour chart formed a base pattern when it was trading around 5235-5240. And from there it gaped up. then two consolidation patterns which gave break outs by gap ups.
- So conclusion when in an up trend hold on to your long positions with trailing stop losses and booking partial profits.
- Nifty weekly chart analysis.
- Bank nifty resistance zone
- CNX IT may find resistance at the top of the raising wedge.
- A Breakout of top trend line should be watched carefully for a false break out.
- INFOSYS DAILY CHART ANALYSIS