UPDATED CHART
- RIGHT NOW TRADING BELOW THE SUPPORT LINE.
- DAILY CANDLE CLOSE BELOW THIS LINE SHOULD GIVE GREAT JOY FOR THE BEARS.
- Dow Jones Futures 4 hour chart
- The index tried to go above 10360 area but faced resistance and came down.
- Now any upside targets are possible only on a strong break of this level.
- DOW JONES ANALYSIS AFTER CLOSING BELL
- Nifty futures support line in daily chart.
- Break and close below it will strengthen the bears.
UPDATED CHART
- At present nifty is trading in a neutral area with daily trend up.
- But closing above 5400 can give another push towards 5450.
- And close below 5360-5350 will be the first warning for the up trend.
- FLAG in 10 minutes chart.
- This one is a bear flag but since it has come at a small time frame the failure rate is very high.
- We had a similar bear flag yesterday in U.S Markets which broke on the upside
- The resistance and support lines for SBI has been working well.
- For SBI if the stock breaks out and closes above 2505 will give good upward momentum.
- But as of yesterday the stock got resisted at the top, so may go into correction mode for some day's.
- The trend line support also looks quite strong. As the stock has respected it so far a breach of the trend line could lead to a large correction.
- BANK NIFTY ANALYSIS
- Bank Nifty is showing a break out from resistance.
- Now it has started to retrace to the break down point.
- Don't try to enter at higher levels. Have clear entry points like Break of yesterday's high during intraday for going long. If your entry signal does not come skip the trade.
- STATE BANK OF INDIA TECHNICAL VIEW
NIFTY DAILY CHART
- Nifty has a raising wedge in daily chart. And the price is respecting the trend lines till now.
- The index is still trading above 20 day moving average. One negative factor is the closing below 5 day high ema.
- But it is still not a sell on rally because price has remained above 5 day ema(close) and after 8th july price is yet to visit the 5 day low ema.
- One more thing we should consider is the weekly candle with long upper shadow which will end up as a bearish candle if it closes like this.
- DOW JONES END OF DAY ANALYSIS
- Dow Jones has made yet another close below 200 DMA.
- Take a look at the first chart. The price hits the trend line and starts to Correct this has happened twice. May happen again.
- S&P 500 TRIANGLE BREAKOUT
- The triangle pattern in 10 minutes chart has given a good breakout.
- Closing above 1099 would be very positive for the index
