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.
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 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
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.
- 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 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
- 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.
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.
