CHART-II
- Price has broken the resistance line discussed below. Price is now testing the 50 Hour moving average. Staying above the same will be good for the bulls.
CHART-I
- SPY 15 Minutes chart is approaching a resistance line
- Hour chart shows price near 50 Hour moving average.
- So Bulls need to stay above these level for extending gains.
- Nifty hour has a possible falling wedge pattern
- Falling wedge patterns are Bullish reversal pattern.
- Break of the resistance line can give an up move for nifty.
- Break of support line will favor bears for further correction towards 5350.
CHART-III
- Nifty 5 Minutes chart has given a breakdown as shown in the below chart
- But for bulls hour chart has one last support line which bears need to break and close below it.
CHART-II
CHART-I
- Nifty spot in a range from 5421 - 5460.
- This range has to be resolved for the next direction.
- Nifty Weekly chart is hitting an important trend line. Price has bounced many times from this trend line as shown in the First chart. Most Important Thing is that this is a line chart So price can violate the trend line and still comeback to close above the trend line on Friday that is the last day of the week.
- Then the much discussed bear flag has given a breakdown. But on seeing the volume the validity of the breakdown has to be questioned. Look at the volumes, one of the lowest volume day's for the current series so one has to manage their short position carefully.
- DOW JONES DAILY CHART ANALYSIS
- Dow Jones Daily chart is testing the previous resistance area.
- 10425 is a crucial support Closing below this will be negative. Bearishness will increase if price manages to close below 50 day moving average.
- If price sustains above 50 DMA a turn around is possible for bulls.
- GOLD Testing the trend line
- Gold is testing its Trend line in daily chart.
- Price is also testing its 50 day moving average.
- Closing below 50 DMA will be negative for gold in the short term.
- DOW JONES EOD ANALYSIS
CHART-II
- Support line break did gave a short entry.
- Those who are short should be careful as we will be approaching weekly supporting trend lines.
CHART-I
- Bears has to break the support line for moving down.
- If an up move happens 5535 levels may act as resistance as shown in the chart.
