- The index on breaking the support went below 10200 as described below.
- Dow Jones Futures is trading in a falling wedge in its four hour chart.
- The direction for the next big move will be decided soon.
- Breaking of the upper trend line can take the index close to 10600 levels.
- If the support line breaks Index will go below 10200.
- Nifty has been in consolidation mode for more than 11 months now.
- Today nifty has broken the monthly resistance line
- Big profits for the bulls can be expected only if the index stays above the resistance line.
- If the index falls below the resistance line correction will follow.
- Staying above the resistance line should give the expected result after a consolidation breakout. In this case the consolidation range is more than 500 points. But the breakout area is crucial.
NIFTY MONTH CHART
- Nifty is close to breaking the trading range that the index has been trading for the past five weeks.
- The second chart shows how the index reversed from below 20 SMA consistently.
- Third chart shows the month chart close to breaking an important resistance line that can push the index higher.
- NIFTY DAY HIGH BREAKOUT TRADE
DOW JONES FUTURES
- Dow Jones industrial average closed up 9.69 points or 0.09% up.
- Index closed above the 50 day moving average again and below its 20 day moving average.
- The current trading range is between the fib ratio of 23.6% and 38.2% of the indexes rise from 9614 to 10719.
- Dow Jones futures shows 2 similar trading day's. today's breakout was resisted near yesterday's high and again like yesterday the index lost all its gains.
- AT&T TRIANGLE PATTERN UPDATED
