December 3, 2010

  • SPX 15 Minutes chart with important support at 1216.
  • Break below 1216 will favor bears for extending this selling in short term charts. Break of  1216 may give 1212 initially.
  • Breakout above the dotted line will favor bulls to continue this rally.

  • First chart shows price in a consolidation pattern trading near support and resistance line. Price shall give good direction in either direction soon.
  • Second chart shows price trading above 20 DMA. Staying above 20 DMA will favor the bulls.
  • Third chart is the weekly chart shown with the trend line and the resistance line. Price staying above this trend line will increase the chance of an upside breakout.
  • ES Chart with Fibonacci levels.
  • Today's correction has found support near 23.6% Fib level for now.
  • If this level gets broken than 1204 level which was the previous resistance may act as support. 38.2% Fib level also comes in this area.
  • From 50% Fib level at 6015 to 61.8% at 6091 nifty has to cross multiple resistances if it is to move ahead.
  • Most important among them would be the 20 DMA and 50 DMA. If it manages to cross this then nifty moves to 61.8% at 6091.
  • Only a daily close above 6091 can extend this up to 6200. 


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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