- SP 500 has given another bullish formation in 5 minutes this time.
- Bullish pennant has given a break out.
- Although the pennant is not a perfect one. This will be positive for the bulls. As the break out will help the triangle break out in the larger time frame.
- The fight between bulls and bears are clearly visible in the charts.
- Bulls trying to keep the triangle intact
- Bears want the rising wedge to break down the bottom trend line.
- Lets see who wins at last. My personal view is that the triangle will win at last.
- Caution i may go wrong so have stop loss.
- DOW JONES which broke out of a triangle might do a classic retest of the trend line before making moving up again.
- 10200 should also act as good support.
- Dow jones has resistance around 10350 for today.
- The resistance line should be broken for any upside targets to unfold from here.
- If the index starts to trade above the 20 day SMA it should cross the resistance without any problems
- As i have shown in the previous post of microsoft, The stock has good support at 24
- Now it has taken support at 24 and it is now targetting it's 20 day moving average.
- If MACD gives a buy signal the stock may go above its 20 day moving average.
- So a buy in this stock is advised with a stop loss of 24.
- Amgen co has given a high volume break out.
- Trading above yesterday's close the stock should achieve 61 easily.
- Price has closed above 5 day EMA and 20 day SMA.
Thank you
- Nifty hour chart showing a support band between 5080-5089.
- As long as nifty trades above this band today bulls are safe.
thank you
