December 6, 2010

  • ES broke out of the pattern But is unable to move above 1224 resistance level mentioned in the below chart.
  • Index will gain up ward momentum if price breakout above 1224. Unable to move above 1224 will be negative in the short term.
  • ES is showing a consolidation pattern in 30 minutes chart.
  • Pattern looks like a diamond but its not  perfect in its formation
  • But break of 1216 may give good correction, in the same way an upside break above1224 can give new high's for the index.

  • Trend line and the support at 6033 is Violated.
  • Next important stop for Nifty futures is at 5980 levels.
  • Stochastic indicator has moved to the oversold region in 30 minutes time frame.
  • Nifty Futures 30 minutes chart with trend line support and support line at 6033.
  • Today morning Nifty Futures gave a breakout above 6033.
  • Now weakness can be seen if 6033 breaks or the trend line gets violated. Longs are safe if NF maintains its stand above 6033.
  • Nifty has to close above 50% Fibonacci convincingly for the index to move ahead. 
  • Upward momentum will increase only if the 50 DMA and 20 DMA is taken out.
  • Above 50 DMA Nifty may target the 61.8% Fibonacci level.


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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