January 31, 2011

Dow Jones technical analysis

WEEKLY CHART
DOW JONES 15 MINUTES CHART
  • Dow jones weekly chart shows a bearish candle at the top.
  • A bullish candle during this week may negate the bearishness of the previous candle.
  • But price has not retraced much yet. If price falls below last weeks candle we may see more bearish action.
  • 15 minutes is showing a continuation flag pattern.
  • Level for bulls to cross 11870 for a short term up move to happen
  • Break below 11800 will favour bears.

S&P 500 Futures Before opening bell

  • First chart is ES daily with important level at 1273.50.
  • Bulls are trying to stay above this level.
  • Hour chart shows 1285 as the golden ratio for the recent fall. Bulls getting back above this level may be able to retrace 100% of the fall.
  • Falling below 1273.50 again will favour bears.
  • MICROSOFT TECHNICAL ANALYSIS

Nifty Futures 5 minutes chart

  • Nifty futures has filled the morning gap
  • Now there is a broadening pattern developing in 5 minutes chart.
  • The resistance line of the broadening pattern has to be broken for further upside move to happen

Nifty Futures intraday update

  • Nifty Futures 5 minutes chart with support and resistance lines.
  • Morning gap is yet to be filled completely.
  • 5 minutes is trying to create a channel formation But may hit resistance.
  • A short term reversal can be seen if the gap is completely filled and price closing above it.
  • Breaking the support line showed in the above chart will favour bears and if today's low gets broken we may see 5350 soon.
  • RELIANCE INDUSTRIES SUPPORT LEVELS

RELIANCE Industries Support levels

  • Weekly chart of reliance industries shows a support at 901.
  • Break of this level on closing basis will be negative for the stock.
  • Next support is seen near 858 levels.
  • Resistance for the stock is at 950 levels which it broke recently.
  • NIFTY WEEKEND ANALYSIS

CNX IT - Support and resistance lines

  • CNX IT has been getting support just below its 50 day moving average.
  • One trend line in daily chart too has held well so far.
  • Now 50 DMA has broken again. If the trend line does not hold we may see some downside for major IT stocks and CNX -IT index.
  • If the trend line holds and price goes on to break the resistance line this up trend will continue.
  • TATA STEEL ASCENDING BROADENING WEDGE

Ascending broadening wedge of TATA STEEL

  • Daily chart of Tata steel shown with an ascending broadening pattern.
  • Price is trading close to its support line and near 50 day moving average.
  • So Break of support line will push tata steel towards its 200 day moving average.
  • While getting support here and trading above 50 DMA will favour bulls in the short term.
  • NIFTY WEEKEND ANALYSIS

January 30, 2011

GOOGLE Weekend Update

  • First chart shows negative price action below the trend line in daily chart of  Google.
  • Second chart shows price resting exactly at 50 day moving average.
  • 3 chart shows 20 ema and 5 ema giving a bearish cross in daily chart.
  • Last chart is the weekly chart of google. Week has given its second bearish candle.
  • Staying below 50 DMA will favour bears. 
  • MICROSOFT TECHNICAL ANALYSIS

January 29, 2011

MICROSOFT Chart analysis

  • Daily chart of MSFT shows price testing the 50 day moving average.
  • Momentum of price is favouring bears. If stock closes below 50 dma direction will favour bears in the short term.
  • Weekly chart shows important support area near 27.40. Price is testing this level. Closing below this level will take price towards the weekly trend line.
  • US DOLLAR RISES FROM THE GOLDEN RATIO

US DOLLAR Rises from the Golden Ratio

US DOLLAR DAILY CHART
EURUSD DAILY CHART
  • US Dollar and EurUsd daily charts with the golden ratio(61.8%) Fibonacci level.
  • US Dollar took support at the 61.8% Fib level while for Eurusd it acted as resistance.
  • Now for the Dollar to rise it should cross the 50% level and close above it which will confirm a short term reversal in US Dollar price and this means negative outlook for EURUSD.

Nifty Weekend charts

  • Nifty daily chart showing bears extending gains below 200 DMA. 
  • Line chart is showing a possible reversal area from near 5490 levels
  • MACD is showing slight positive divergence but price is yet to confirm.
  • Bears will be happy to see yet another bearish engulfing in weekly chart.
  • TATA STEEL ASCENDING BROADENING WEDGE

ES Support level

  • 1273.50 Is an important level in daily chart.
  • This level may give support as this acted as a resistance area in the past.
  • But if bears manage to break and close below this range, Things will favour bears in the short term.
  • APPLE HOUR GIVES A SELL

January 28, 2011

CRUDE OIL Rises from the trend line

  • Crude oil is showing bullishness in daily chart.
  • Price took support near the trend line in daily chart and has moved up.
  • Price should sustain above 89.50 for this bullishness to sustain.
  • APPLE HOUR GIVES A SELL

Apple hour chart analysis

CHART-II
  • Range beaks down. gives a good short trade.
  • If price continue to move away from 50 hour moving average bears can extend gains.
CHART-I
  • Apple falls below 50 hour moving average.
  • But the range in hour chart is yet to be resolved.
  • If 342.75 breaks bears may extend gains below 50 hour moving average.
  • ASCENDING TRIANGLE OF ES

Dow Jones Futures in a rectangle

CHART-II
  • Rectangle breaks in favour of bears.
CHART-I
  • Dow Futures one hour chart is trading in a rectangle pattern.
  • The range is between 11910 - 11970.
  • APPLE HOUR CHART ANALYSIS

Ascending triangle pattern of ES


  • ES Four hour chart with resistance area between 1296 - 1298
  • Price has been trying to close above this band but is finding resistance here.
  • For the bulls to move ahead price should breakout above this level and sustain there.
  • If price keeps getting resisted here ES may slide back to 1290 levels.
  • SILVER DESCENDING CHANNEL

Nifty Futures falling down in a narrow channel

CHART-III
CHART-II
CHART-I
  • Nifty Futures broke the support line around 5627 yesterday
  • NF fell below 5400 today.
  • NF is falling down in a narrow channel. Price closing outside the channel may give a decent bounce. But till now every small rise has been sold off by the bears.
  • This is a follow up post from yesterday's  INTRADAY UPDATE

Nifty Knocking the doors of bear market

  • Nifty closes below 200 DMA first time after may 2010.
  • Weekly chart is showing a possible bearish engulfing pattern, which will get confirmed today if the week closes below 5648. Last two bearish engulfing patterns showed in chart has given good gains.
  • Bulls will try to stay above the trend line in weekly chart. failure to stay above it may push nifty down to 5350 levels.
  • SILVER DESCENDING CHANNEL

January 27, 2011

QQQQ hour chart with Ichimoku cloud

  • QQQQ Hour chart is trading above the cloud.
  • Price is near its resistance level at 57.26
  • If price closes above this level we may see 59 levels in the coming days
  • getting resisted here will be negative
  • SILVER DESCENDING CHANNEL

SILVER Descending Channel

  • SILVER Four hour time frame with a descending channel formation
  • Immediate resistance for silver is seen between 27.82 - 28.05
  • The channel bottom line is acting as support.
  • SPY TRIANGLE BREAKOUT

SPY Price consolidation after triangle breakout

  • Price is consolidating after its breakout from the triangle pattern.
  • Breakout may achieve the target if the consolidation resolves on the upside.
  • Breakdown below 129.40 will be negative. Price falling into the triangle will lead to a busted pattern.
  • DOW JONES FUTURES CHART ANALYSIS

S&P 500 Futures Before opening bell

  • ES Daily chart with resistance and supporting lines.
  • 1296.50 is acting as resistance for ES.
  • Closing above 1296.50 will extend the bull run.
  • Breaking below the supporting trend line will be negative for the bulls.
  • DOW JONES FUTURES CHART ANALYSIS

Dow Jones Futures before opening bell

  • Dow Jones futures hour chart with support and resistance lines.
  • Price is trading in a range of 11910 - 11970.
  • violation of this range may give good direction.

Nifty futures hour chart analysis

CHART-II
  • NF Breaks the crucial support line in hour chart.
  • Price also violated 5600 mark.
CHART-I
  • Nifty futures trading near important support line.
  • Violation of this line can push nifty down to 5550 levels.
  • Getting support here means a rally towards 5750.

Nifty Futures intraday update

  • Nifty Futures 15 minutes chart with Fibonacci levels.
  • Price is getting support at 78.6% retrace level.
  • Break of this level can give a selling opportunity towards the recent low.
  • Getting support here may turn NF bullish in the short term.
  • BANK NIFTY ANALYSIS

BANK NIFTY Bearish engulfing

  • Bank nifty has given  a bearish Engulfing candlestick pattern.
  • Price hits the resistance line shown in the descending channel post.
  • Bulls may try to form the right shoulder of an inverted head and shoulders pattern.
  • NIFTY DAILY ANALYSIS

Nifty Daily Analysis

  • First chart shows a target of 5550 Only if the recent lows are taken out.
  • If 5750 is taken out first we may not see new lows in the short term. A firm close above 5750 will target 5863 and higher.
  • Tuesday was a bearish engulfing day. We have to see if it shows its effects today. Normally this candlestick pattern is effective at the top of the trend.
  • GOLD NEAR SUPPORT LEVEL