Dow Jones futures before opening bell

CHART-II

• Dow Jones Futures Index is back to where it started today. It's back to the resistance line from where today's fall happened. Below chart was posted before opening bell.

CHART-I

• Dow Jones futures 4 hour chart with the ascending channel.
• The upward momentum is halted by the  resistance line developing within this channel.
• This resistance line has to be broken for further up moves to happen.

Fibonacci Levels

CHART-II

• NF gets support at 61.8% Fib level

CHART-I

LINE CHART

• NF is trading near 61.8 Fibonacci levels for hour chart.
• 6025 is an important support area for nifty.
• IF 61.8% level holds we may see an up move from here. Should trade above 6025 for big up moves to happen.
• Below 61.8% level NF may go down till 5970 levels.

Nifty Intraday update

NIFTY HOUR CHART

• First chart shows the breaking of the triangles support line and the correction.
• Second chart is the hourly line chart which shows the important support line for NF at 6025.
• Staying below 6025 will be negative for the bulls.
• INTRADAY LIVE CHART FOR NIFTY
  

Triangle Formation

CHART-II

CHART-I

• There is a Triangle formation developing in nifty futures chart.
• Right now price is resting at the support line of  the triangle. A move towards the upper end of the triangle is possible.
• Breaking the support line will be negative and may attract strong selling.

Channel Formations

• NF broke down from a channel formation yesterday.
• Today it is forming another channel this one a descending one.
• If 6042 is not defended by the bulls, Bears will gain strength.
• Breaking out of the channel will favour bulls. 

TATA STEEL Resistance levels

• Tata steel weekly chart is showing resistance at 661.
• More upsides possible for the stock only if it manages to cross this level.
• Tata Steel had a great bull run from 500 levels to nearly 650 in 5 weeks time. So the stock may take a pause at 660 levels.
• Since i am posting about Tata Steel i take this opportunity To thank ILANGO Sir for posting a great article about the Tata Steel plant and the Kind of work Tatas are doing for our nation: CLICK HERE TO SEE THE ARTICLE

SHOOTING STAR

• Nifty spot daily chart is showing a shooting star or an inverted hammer pattern which is a bearish reversal pattern.
• Every candlestick pattern needs price confirmation. Example for price confirmation would be a touch of the 5 day low ema which Nifty has not done since this breakout happened.
• I have also added Nifty futures 5 minutes channel which shows a breakdown and the breakout line is acting as resistance.

S&P 500 Analysis after closing bell

HOUR CHART

DAILY CHART

• S&P 500 Hour chart looks negative but has closed above 50 hour moving average.
• The daily chart is also closed above the breakout point and is above the 10 DMA.
• So the TA set up for the bulls are still intact not major changes have taken place it can be said as a pause day after a good closing on friday.