November 22, 2010

  • If stays within the up trending channel in the four hour chart us dollar will continue to move up.
  • Weakness will be seen only if the channel gets violated.
  • US Dollar has crossed 79 and 79.58 levels.
  • Index has also pulled away from 50 DMA .
  • Sustaining above 79.58 should take it above 80
  • USD is getting resisted at 79.
  • Up move will be possible only if price breakout above this level.

  • US Dollar index Four hour chart shows price breakout from a channel.
  • If trades above 79 will target the recent high.
  • Price also broke above the 50 moving average in four hour chart. Recent high of 79.58 may act as resistance in case price move above 79.
  • Dow Jones four hour chart with Ichimoku Cloud.
  • The recent correction has broken the cloud in four hour time frame. Cloud has been supporting price for a long time in this time frame.
  • Now Price is getting resisted at the cloud. Up trend can continue only if price breakout and closes above the cloud.
  • SPY 5 minutes chart Trading in a range of 119.25 to  120.39
  • Index opened GAP down but the GAP is faded now and price is at the top of the range.
  • Up move from here will be possible if price does a breakout above 120.39.
  • Below 119.25 index has a bigger GAP which is yet to be filled
  • ES four hour chart with Fibonacci levels.
  • Price rallied up to 61.8% level and sold off from there. 38.2 level may act as support now with 50% as the mid point.
  • The chart is developing into an inverted head and shoulders type of pattern. If 38.2 level holds and a consolidation happens around here we may see a positive structure developing in favour of bulls. Trading below 38.2% will favour bears.

  • Nifty breakout above the resistance line.
  • 6000 - 6010 acted as resistance so the next up move on breaking this range. Till then it will act as resistance.
  • NF crossed 5933 and day high toward the trend line.
  • More upsides will be possible above 5966 on crossing the trend line.
  • Nifty Futures Support and resistance levels.
  • The low points broken on 5921 and 5933 should be crossed for an up move to happen.
  • Price staying below 5921 will continue to attract selling. Today's low point in NF is 5905 if that breaks NF may start to drift lower again.
  • Crossing 5933 and today's high of 5942 will favour bulls.
  • Nifty daily chart with possible patterns that can given support for the price.
  • Broadening pattern's trend line was tested on friday. If nity consolidates above the trend line we may see an up move from here.
  • If the support line of the broadening pattern breaks price may bounce from the trend line in daily chart.


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"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