July 29, 2010

  • S&P 500 has immediate support around 1088-1095 region.
  • An hourly close below this region can change the hourly trend completely.
  • Flag gives a short trade .
  • Hourly close below 1095 can bring 1088 in the short term

  • A bullish flag in S&P 500 index.
  • If this pattern does a bullish break out it should take out the recent high of 1131.
  • If price falls below 1100 the pattern will be invalid.

  • Nifty futures hour chart with support and resistance lines.
  • Nifty futures has broken an important trend line in hour chart. and price is making its way up for a retest of the broken line.
  • According to the above chart a retest of 5430 is possible before nifty goes down again.
  • Nifty has broken the raising wedge.
  • Price did not close below 5 day low ema, but came down below it briefly to close above it.
  • Price is still above 20 SMA. 
  • Nifty has broken an important trend line in daily chart. But as shown in the last chart there is still hope left for the bulls above 5350.


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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