Broadening pattern of Dow Jones

• A broadening pattern is forming in Dow Jones hourly chart.
• Since it has come at the top of the trend it can be classified as a Broadening top formation.
• DOW JONES END OF DAY ANALYSIS

Dow jones analysis after closing bell

• Dow Jones Industrial Average closes up 208 points up or 1.99% Up
• Dow Jones has breaks out and closed above 10600.
• The second chart shows a trend line that may support the index on its way up.
• Staying above 10700 it may target 10900 were the next resistances may come.
• DOW JONES FUTURES TARGETS AND SUPPORT LEVELS
  

Nifty 15 minutes chart with trend line

• Nifty 15 minutes chart is supported by a trend line
• Breaking the trend line means testing the support area of 5408.
• For now the trend line and 5408 should hold the nifty above 5400 area.
• Break of 5408 will lead to a large correction.
• NIFTY DAILY CHART ANALYSIS

Nifty futures hourly chart

• Nifty futures hourly triangle has given two whipsaw trades and now it is playing out the third one.
• If NF falls below 5425 this will end up as a false break out. and the index will come into the triangle pattern.
• It is better to take a positional trade when the larger range breaks out.

Nifty daily chart analysis

• The classic resistance turning into support played out again.
• So 5350 is going to be hard to break now. But 5477 should be taken out in the next 2 sessions for a stronger up move to follow.
• DOW JONES ANALYSIS AFTER CLOSING BELL
  

Dow Jones targets and support level

• Dow Jones has crossed 10600 which was a good resistance area for the index.
• Today's closing is very important a successful close above 10600 is important for the bulls.
• Immediate target for the index is 10715 and on a successful close above this level can give 10900.
• Now If there is any dip from the current levels it should stop before 10380 levels. A breach of 10380 could be risky for the bulls.
• So the positional stop loss can be kept at 10380 on closing basis.
• RISING WEDGE OF DOW JONES FUTURES