December 29, 2010

  • Dow Jones monthly chart with previous resistance levels at 11670 and 11750.
  • Dow may find resistance between this level.
  • But Fibonacci levels are showing a clear breakout above 61.8%. 
  • If month closes above 61.8% and 11750 the positional bull will become stronger. Then the next target is 78.6% Fib level which is above 12000.
  • ES Hour chart is on the verge of yet another breakout.
  • Since the trend is up an upside breakout may give a good long trade.
  • Downside break may not give much gain for bears because of 50 hour moving average and the cloud.
  • Nifty may soon give direction from the Ichimoku cloud.
  • Breaking and staying below the cloud will favor bears. Above the cloud bulls will gain strength.
  • First chart also shows possible levels for bulls and bears to conquer for gaining momentum.
  • SUZLON ENERGEY NEAR 50 DMA

  • Suzlon Energy has been showing rising support levels in daily chart for sometime now.
  • But Stock has many resistance levels to cross before it can turn bullish.
  • 50 DMA is the first and the most important resistance above this MA there is a resisting trend line and the 200 DMA.
  • For now the stock is expected to give a short trade from its 50 DMA.
  • SPX 15 minutes chart with resistance line.
  • Upward momentum can only continue if price closes the day above the resistance line.
  • sustaining below the resistance line will favor bears and a correction may follow.

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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