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
