February 1, 2011

ES Resistance line

  • ES Four hour chart with a possible resistance line
  • Price may take a pause near 1302 level.

S&P 500 Futures Before opening bell

  • ES Hour chart is moving up steadily in an ascending channel.
  • The recent fall is about to be retraced fully.
  • Price is approaching 78.6% of the fall. 
  • We may see a new high for ES today if the trend in hour chart remains like this.

TITAN Industries Triangle pattern

  • Titan industries is trading in a consolidation triangle pattern in weekly chart.
  • Stock is trading above its 50 day moving average. If it continues to trade above it an upside breakout is possible.
  • But these patterns should be traded with caution and a position should be taken only on a breakout.
  • Fib levels shows 3602 as 38.2% Fib level for the stock. A convincing high volume trade above this level may give 50% Fib level at 3724.
  • Falling below 50 day moving average will favour bears of TITAN.

Nifty support lines

  • First chart shows a possible retest of 200 DMA only if 5500 holds.
  • Price trading below 5490 and 5470 will favour bears again.
  • Next two charts shows nifty at important points. If gets support from here we may see an up move according to the line charts.

SPY Chart analysis

  • SPY 4 Hour time frame with 50 period moving average and ichimoku cloud.
  • Price met the 50 period moving average in 4 hour time frame after some weeks. Price was near 119 levels when it break away from this moving average.
  • Price has taken support at this moving average for now. Seeing the price action It seems a convincing break below the moving average may not happen today. Trend will change completely if only price starts to trade below the cloud. As long as price stays above the cloud upper breakouts can be seen.