EUR/USD Reversal attempts in daily chart

EUR/USD WITH 50 DMA

EUR USD WITH ICHIMOKU CLOUD

• The first chart shows Eur/Usd reversal attempts combining with 50 DMA. 
• White arrows show how the pair got sold off from the 50 DMA. The pair is doing a similar set up now.
• The second chart shows the resistance of the Ichimoku cloud. Even if the 50 DMA is taken out the cloud is looming large. Only a beak out and close above the cloud can be called as a valid reversal till then the pair will get sold off at every bounce.

Nifty Hourly chart in a channel

UPDATED CHART

CLICK THE CHART TO ENLARGE

• Nifty Futures hourly channel is shown above.
• The channel has given support twice. and the top line of the channel has acted as resistance as well.
• And on friday it has taken support at the bottom line of the channel take a look at the long shadow of the last hour candle.
• Let's see if the support is able to give a gap up for nifty

Nifty futures 5 minutes chart

• I posted a 5 minutes chart few days ago with support and resistance lines
• I believe those supports and resistance might help the traders again 
• This is nifty futures chart not spot.

Dragonfly Doji in oil stocks

HINDUSTAN PETROLEUM MONTH CHART

BHARAT PETROLEUM MONTH CHART

• The charts shown here are monthly chart of bharat petroleum and hindustan petroleum.
• See how the dragon fly doji appears in the monthly chart in april itself.
• Smart money has entered these stocks months ago while the news broke out last week.
• So some profit booking may take place in these stocks before they take off again.

EUR/USD Trading near resistance levels

DAILY CHARTS OF EUR/USD PAIR

• EUR/USD is trading close to its 50 day moving average.
• It coincides with a resisting trend line too so good place to short here.
• Even if it break above, The the daily ichimoku cloud which has been holding euro below it since it broke down below 1.47 is a resistance too large to break.
• So if the pair has to reverse all the three above resistance has to be broken.

Reliance communication Awaiting breakout

UPDATED CHART

WEEKLY CHART

DAILY CHART

• Reliance communication has made a break out.
• But the volume in daily chart is not supporting. The stock may move ahead despite low volume.
• And look at the weekly chart it is just above its 50 week moving average. Sustaining above this is vital for the stocks next move.

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RELIANCE COMMUNICATION WEEKLY CHART

Fundamental View

Reliance Communication Ltd and its subsidiary, Reliance Infratel Ltd and GTL Infrastructure Ltd have approved in principle Rs 50000 crore deal. This deal would create the world's largest independednt telecom infrastructure company.Reliance communication will benefit from cash infution which can be used for reducing its debt. And 2 million reliance communication share holders will receive listed shares of GTL Infra.

Technical View.

Reliance communication is on the verge of a break out at 192 one close above 192 will push the stock towards its next target of 230.

Break out above 192 and close should happen with good volume increase.
Related Article.
GTL INFRA LTD BREAKS OUT

Broadening Bottom of S&P 500

• The line chart is showing a broadening bottom formation
• This pattern has 2 possibilities.
• First one the price will break the two supports i have mentioned and test the bottom line of the broadening formation and then a major reversal.
• Second possibility may start from next week. Price tested the upper trend line and has come down to the middle portion of the pattern it may reverse from here to break the upper trend line.

Thanks to Yelnick for sharing my chart with his readers: CLICK HERE TO SEE NIFTY CHARTS IN YELNICK'S BLOG