September 6, 2010

Nifty Futures Intraday Update

  • Nifty futures may pause around 5568 region. 5568 is where the line chart channel top comes.
  • Any close above this area would be very positive for the bulls.
  • But till it is broken we should consider this as supply zone.

Nifty futures hour chart

  • Time to book some profit. Or trail it if you want greater profits. 
  • The GAP is still intact in hour chart.
  • Nifty futures has gone above 5500 as discussed below.
  • Now NF has created a gap in hour chart. We have to see if it is a runaway gap or it gets filled today.
  • Those who are holding long position should keep 5508 as stop loss.
  • Nifty futures hour chart gave this pattern on Friday.
  • This pattern in hour chart should take NF well above 5500.

Price and moving average of NIFTY

  • This post is to show a simple trading method of price crossing a major moving average works.
  • Sometimes it is as simple as the cross over on the left side of the second chart. But sometime it takes one or two attempts before price takes a new direction.
  • In this case nifty has given a whipsaw But if the high's are not taken out in a hurry another test awaits the moving average. 
  • As shown in the first chart price violated the supporting trend line once. But if gets violated again then price may cross the moving average.

Exxon Mobil Corp Triangle in daily chart

  • Exxon Mobil Corp is trading in a triangle formation in daily chart.
  • Stock is moving towards the upper end of the triangle formation. If the stock gets resisted here and takes a dip towards the lower end of the triangle it would set up for a perfect triangle breakout or breakdown situation.