- Click to enlarge the charts to read the description.
- Price is near Resistance levels. But it is also near 200 Day SMA which is a trend changing level. So one has to wait and see how price reacts here to take the next trade. If price reacts negatively from month High EMA a short trade is likely to give bigger profits.
- Price is getting resisted near 900 Levels, This Level was a support which was broken and now acting as strong resistance.
- MACD is showing negative divergence.
- Up move was stopped exactly at the month high EMA as shown in the last chart. Now it would take many strong bulls to give a breakout and close above 900 levels. Last month closed below Month high EMA, If the current month too sustains below it then we will see selling. Day closing below 865 may lead to 830 Levels.
- USDINR CHART UPDATED
- Reliance has stopped falling at 20 SMA.
- But daily chart indicators are suggesting some more downside.
- Bulls need not worry as long as 20 and 50 SMA give support.
- 20 SMA @ 810
- 50 SMA @ 796
- Support line drawn in 2nd chart too is important for bulls to hold on.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Reliance resisted by the line which looks strong for now.
- Hope for bulls only if they manage to break above the resistance line as of now it looks bad for bulls of reliance.
- A daily negative candle here will favor bears for the coming days.
- For bulls they have to try and close the day above 870 for avoiding a negative close.
- Reliance is near a resistance zone.
- Price is testing its 20 SMA and cloud. Price sustaining above the cloud may result in an up move.
- In the short term bigger moves will be possible only after the triangle pattern gets resolved.
- NIFTY WEEKEND UPDATE
CHART-III
- RIL Futures having crossed 849 is moving towards next resistance level at 858.
CHART-II
- Resistance levels at 849 and 858.
CHART-I
- Reliance futures in a consolidation pattern.
- Price may give good move once this pattern gets resolved.
- Triangles are known for whipsaws. Good volume increase during breakout may give a bigger move.
- RELIANCE INDUSTIRES LIVE CHART
- Reliance daily chart staying above 50 Day SMA Will favor bulls of reliance and the longs of Nifty.
- But indicators in daily chart is in overbought level.
- An up move towards 859 level will take stock to the middle Bollinger band in weekly chart. Middle BB may act as resistance.
- Breakout and above 859 and a weekly close above that may give bigger up moves. If price goes to those levels one should also look for negative divergence in MACD which might hint of weakness at higher levels.
- GOLD MOVING TOWARDS THE TRNED LINE
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Reliance has given a breakdown from triangle and we saw price come down to 776. But there is no volume change. We have to see a volume breakout soon for validating this breakdown.
CHART-II
RELIANCE CHART-I
- Reliance 15 Minutes chart in a consolidation pattern with price approaching the apex of the pattern.
- Breakout or breakdown may give good direction for the stock and may affect the direction of nifty.
- For bulls of reliance the resistance band in daily chart is between 812 - 828 level.
- For price to change its bearish structure day candle has to close above 828.
- Getting resisted at 828 levels will be negative for the bulls of reliance.
- Reliance Industries continue to make newer lows in daily chart.
- Next level to break for bears is 753. Break of 753 will extend profits for bears.
- If 753 holds we may see an up move towards 800 levels.
CHART-II
- Nifty range break has given a good short trade.
- 5000 - 5010 level may act as support
CHART-I
- Nifty 5 Minutes chart is still in a range.
- Reliance is in a triangle pattern.
- So stocks and index is in consolidation pattern which has to be resolved for a decisive move to happen. We may see whipsaws too before the real move takes place.
- The bulls of reliance industries pushed the price up from below 20 and 50 DMA.
- Stock closed near the high of the day suggesting good positive momentum.
- This should take the stock to levels like 1015 , 1030 and 1040.
- Around 1030 stock has to face its biggest hurdle the 200 DMA.
