June 20, 2010

S&P 500 Fibonacci Levels
S&P 500 Ichimoku Cloud Resistance
  • S&P 500 is approaching the 50% Fib Retracement level.
  • The index is also approaching the ichimoku cloud in daily chart.
  • The traders who trade based on ichimoku consider a stock or an index as in bull market if it is trading above the cloud and in bear market if it is trading below the cloud.
  • Now if the cloud resistance is broken we can expect the momentum to increase on the upside.
5 DAY EMA AND SPINNING TOPS
NIFTY CHANNEL
NIFTY INVERTED HEAD AND SHOULDERS
  • Nifty as you can see in the first chart is trading above the 5 day high ema.
  • On friday it was a negative day but still managed to close above the 5 day high ema.
  • The candlestick pattern that formed on friday was a SPINNING TOP Since it has come at the top of the current move it is slightly negative.
  • Nifty is moving up in a channel and right now sitting at the top of the channel. 
  • The INVERSE HEAD AND SHOULDERS break out target for nifty is well above 5400. 
  • With the global markets support nifty should be moving ahead. The beginning of next week may see some pressure coming which will be supported by number like 5220 and 5180. 
    • BASIC TECHNICAL ANALYSIS
    • INVERSE HEAD AND SHOULDERS
    • SPINNING TOPS
    BEARISH ENGULFING 
    RESISTANCE


    • Reliance communication should close above 194 for its current upward momentum to continue.
    • But near the resistance area the stock is already showing weakness.
    • A Bearish engulfing pattern has emerged and if the stock is not able to go pass 194 quickly then it will go down to 170 levels .

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    My Favourite Quote

    "All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
    —Jesse Livermore