November 3, 2010

  • Dow Jones Trend analysis with Ichimoku Cloud.
  • The strength of the trend is clearly evident because not even a single dip touched the cloud.
  • So  weakness can be visible only if price comes in contact with the cloud.
  • If ES sustains above 1192.75 and trades above 1196.25 bulls will be in control today.
  • Falling below 1192.72 will be slightly negative for the bulls
  • Below 1192 the first support is at 1188.

  • Posting the chart to show the potential of a perfect price and volume breakout.
  • The breakout above 284 went till 490. 
  • From March this stock was in a sideways consolidation with low volumes.
  • From 27 september to 1st october this stock traded from a low of 238 to 250 with a volume of 0.979 million stocks getting traded in NSE.
  • Next week from that is from 4th October to 8th October  stock went from a low of 243 - to a high of 299 with 8.4 million stocks getting traded.
  • Weekly chart is showing major support at 380 levels and resistance at 590 levels. 
  • Nifty Futures hour chart with fibonacci levels
  • Futures is trading above 61.8% level
  • This up move has given two gaps as shown in the chart both of them stands unfilled. If we end this week above 6200 they will stay as runaway gaps.
  • NIFTY has stayed above the GAP that was created on monday.
  • The break of the down trend line is still valid. The support at 6071 is being respected by the index.
  • Bears will have their chance below 6071.
  • The momentum is not lost because the index stayed above 5 day high EMA.


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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