March 28, 2011

Bulls of DOW JONES Against a cluster of resistance

  • Dow jones daily chart is shown with the resistance area of 12000 - 12300.
  • Bulls are about to clear this level. Price has made a fast rise from the recent fall. Earlier price took support at the base of Ichimoku cloud as shown in the chart.
  • If price closes above 12300 the upward momentum will gather momentum.
  • Failing to clear this level on closing basis will favor bears.

SPY Intraday update

  • 30 Minutes chart of SPY shows price trying to fill a GAP formed during the start of this month.
  • GAP will be filled at 132.22
  • 5 Minutes chart will favor bulls if price sustains above 131.87.
  • Unable to cross 131.87 will favor intraday bear.

ES Before opening bell

  • ES Hour chart is showing a range from 1305 - 1314.
  • Bullish cross of 50 above 200 hour has worked well for the bulls.
  • Price may move up from 50 hour moving average.
  • Breaking 1305 will be negative for the bulls.

NIFTY Resistance line

  • Nifty spot chart four hour time frame with resistance line.
  • Price has to close above this line if it has to move up any further.

BANK NIFTY and the 200 DMA

  • Line chart of bank nifty daily chart shows price moving up after breaking a resistance area.
  • Price has made a successful close above 200 day moving average. Now bulls has to follows up.
  • Third chart shows Three Occasions of price closing above 200 dma and failing to move up further. A higher close today for BN will extend gains up to 11600 levels. If 200 dma gets broken by the bears things will become Negative for BN again.