CHART - I
- Dow Futures broke 9965 and gave a long trade as discussed below.
- Now next resistance is at 10064 above that may rally towards the channel resistance line.
CHART - II
- Dow Jones futures breaking 9965 was negative for the bulls.
- Now if the index trades above 9965 convincingly a long trade is possible
CHART - II
- Nifty bounces from 5360 levels as discussed below.
CHART - I
- Nifty futures may give a long trade from 5360 levels.
- One can keep a stop loss of 5346 for this trade.
- Nifty did a gap up on Monday but faced selling pressure throughout the day and closed near the recent lows.
- the index has closed below 20 DMA. It is testing 50 DMA. Closing below 50 DMA will test important support areas.
- U.S. markets also ended in the negative territory which may give a gap down for us.
- S&P 500 analysis after closing bell
- Upper trend line of the channel seems to be too strong to break.
- Most of the gains made by the bulls on Friday has been taken off
- Now the 20 DMA and 50 DMA is ready to give a negative cross over. So some more down side possible.
- The direction will be decided once the range in hourly chart discussed earlier in this post gives direction
