SnP ::CHANNEL WATCH

Will it break the channel or will it not. That is the question. In that 2 hour chart we see that every Up or DOWN wave in the SnP has been halted only after striking the Bollinger Band lines ; either the mid bollinger line or the outer envelopes . Going by that argument, , this down wave which has started after hitting the mid bollinger line is YET TO STRIKE the lower bollinger line. Which is only moving lower and now is below the TREND LINE support of the channel.

If that channel is broken , even 1040 looks possible.

Dollar charts

Dollar is flying high. After breaking the RED and Orange lines with GAP ups, its now moved above both the 200 SMA and 200 EMA. The GAPs shows the fierceness of the move UP.

Those MOVING AVERAGES  comes around another very IMPORTANT TREND LINE. See the BLUE line . The dollars trading just above it . SO the dollar is breaking very important resistance here.

As for the EUR/USD , it has broken the long term TREND line. As well as the recent low. I dont see any support till 1.3410

NIFTY Updates

All the short term oscillators are overbought. Even daily indicators are overbought. After the target of 4930 was nearly reached in the last fall , Nifty has done good up move.50 % retracement of the last wave is 5211. Huge cluster of resistances here. We would be lucky to reach 5230. And even luckier to cross it and fill that GAP. Rising wedge seen. Even if I dont go SHORT here, I wont go LONG here.

The count I am following . [ii] was a complex correction. So expecting this to be simple abc zig-zag. and it has turned out that way.

SBI:::BEAR FLAG

Looks like a BEAR Flag developing here. We have seen previous such movement in the stock  which are marked by thick PINK channels. Stock has  seen heavy selling after such movement. Also note the OVERBOUGHT OSCILLATORS. The up movement has been lacklustre compared to the huge swing in Nifty. Also it is near the mid bollinger band which provided good resistance or support on  a number of occasions.

Is it predicting a renewed Eurozone crisis or SBI rate hike or BOTH??

DOLLAR is the KEY

....now. And its looking very good. A fierce GAP up move , it has broken key resistances. I find the orange line a good resistance. Once it clears that . it might have a free run ahead.

EUR-USD

Finding support at this TREND line  which had given  support a few times in the last 4 months. Just watching this one, the ORANGE line.

GOLD--Divergence

Gold is great for the long term. I am not advising anyone to sell their holdings now. But I think it shouldn't be bought now. Significant divergences appearing in the technicals have been met with good selling and price drop.

NIFTY Updates

I was going to post this yesterday. But could not .  SHort NIFTY. TARGET 4920.

Nice pull-back in the markets. But I am still sticking to a target of 4920-4930 , if not today then by tomorrow. In the meantime , this HnS in the 5 minute chart  could work .

SHORT candidates for next week.

TCS. Closed below important resistance levels. Unable to sustain the highs. Overbought.

Bearish engulfing candle formed.

Reliance. Last tie i thought it would just strike the PINK line. Actually it went through it but now has hit the parallel channel resistance line . Also OVERBOUGHT TECHNICALS.

SNP update

Everyone's looking at those parallel channels . SnP now is below mid bollinger  band in the below 4 hour chart.
Now it might only find support at the lower bollinger band or that parallel channel support line. Both of which comes around 1150. Stochastics also entering oversold region . Looks like no hope for bulls till 1150.