September 15, 2010

APPLE has a raising wedge

  • Apple has a raising wedge in its hourly chart.
  • MACD in hour chart is also showing negative divergence.
  • But the daily chart is showing good up trend. So going against the larger trend will be risky before a clear sell signal emerges.

S&P 500 Broadening pattern

  • S&P 500 15 minutes chart is showing a broadening pattern.
  • Having taken support at 1114 level price is heading towards the resistance line of the broadening pattern.

S&P 500 futures before opening bell

  • S&P 500 futures with inverted head and shoulders pattern.
  • If the correction seen now is limited to 1104 level a rally is possible.

Nifty Intraday update

  • NF is trading above yesterday's high.
  • Trading above 5843 NF will move higher.

Bank Nifty analysis

  • Bank Nifty weekly is trending up so strong it does not even want to go up in a channel. It is going straight up. 
  • But daily chart is hinting at some weakness especially that daily candle in the 2nd chart with long tail. almost looks like a shooting star pattern which is bearish.
  • But if yesterday's high's are taken out this bull run will continue.

Nifty daily analysis

  • Nifty weekly chart showing the breakout.
  • Now i am expecting a pull back which usually happens after such big breakouts. 
  • It is a tactic to shake out the weak bulls and also to invite some bears to take bearish positions. After that they will take it up again. It may happen from here or after 5900.
  • Since we are dealing with breakouts, i am giving A simple but effective post on how to trade breakouts, this one from the MASTER  CLICK HERE.

S&P 500 had a doji day

  • S&P 500 daily chart is showing indecision at the top of the trend. another important thing the index is finding tough to cross the 1129 mark. Everyone is calling a Triple top to form at this area.
  • Candles like this one appears before a short term trend reversal. Lets see how this one affects the trend.
  • Weekly chart is back to the area between 50% to 61.8% where the index found resistance in the past. IF S&P 500 breakout from this area it will get good upward momentum.
  • The futures chart is indicating an Inverse head and shoulders pattern which is bullish CLICK HERE TO SEE IT.