Trendz9

Trendz9

Continuing yesterday's analysis, first target of 0.500 is completed. Dow can take support at this level. It can trade sideways 0.382 to 0.500 Fibonacci levels. 0.618 level is on cards as it is a crucial level. Dow is short from 1st May after forming Evening star pattern.

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Previous analysis it was said that Dow had given up 20DMA support and trading below triangle pattern. It was guessed Dow will start its downward journey. But it didn't happen and today Dow recovered all its losses and is again trading at 33400l level. But if we see carefully Dow is making lower high. Yellow trend line is running down from 34287, 34792 and today...

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As per previous analysis Nifty had retraced to 0.618 kevel placed at 18050. It was also placed at 20 DMA making that area a concrete support zone. Nifty had reverted 140 points from low 18056 CMP 18190. This type of reversal is well taken as end of correction. Technically nifty had made H & S pattern target of 18450 appx, them corrected to 18050 -400 points and...

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Nifty had completed its inverted head and shoulder target which was appx 800 points from neck line. Today Nifty is has almost given up all yesterdays gain. MACD is about to give sell signal. Fibonacci level 0.750 is broken and 0.618 level is placed at 18050. Inability to move above 18500 Nifty can show 18050 on screen may be by week end.

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Today Dow had finally given up 20 day EMA support . Not only it had given up 20DEMA but also completed inverted triangle pattern and now is trading below it. MACD also came below zero line which is comfortable signal for short sellers. If Dow remains below this support and triangle pattern then Dow is looking at 32K. Industrial production YOY for April was...

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Bank nifty made double top and retracing. 0.618 level is placed at 43800.

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On weekly chart bank nifty is making double top. MACD is above signal line. It is a rare occurrence that at double top MACD has just cross signal line making 80 % chances Bank nifty break above double top resistance

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If we see Dow Jones movement carefully then we come to know 1. Dow had retraced from lower high trend line on 10th May. Unfortunately 50 dema is also placed near lower high trend line at 13772. This area of lower high trend line and 50dema will make traders to sweat cross above. On down side 33150 is 20 day Ema support where last man is still standing from last...

Trendz9

Having said , Dow forming shooting star candlestick pattern following confirmation candle and bearish engulfing candle, Dow is taking support at 20 day moving average. It is just as last man standing. Below 20 day moving average next level is 32k, seen from chart, which is self explanatory.