December 30, 2010

  • ES Hour chart with support at 1251.50
  • This level has to break convincingly for bears to extend gains.
  • This level was broken once which gave 1245.50 levels.
  • If price takes support here we may see 1255 again.

  • Silver triangle breakout has given a good long trade. Price failed to sustain above 30.750 level which was discussed in the below chart.
  • Price may do a retrace of the breakout before going up again.
  • Silver four hour chart shows a triangle pattern breakout.
  • Price may find resistance near 30.750 area.
  • US Dollar looks weak following a triangle pattern breakdown in daily chart.
  • US Dollar has closed below its 50 day moving average closing below the support line of the triangle will make it weaker.
  • EURUSD looks strong. Breaking above its 50 day moving average will make it stronger. Resistance level is at 1.3496.
  • 50 day Moving average can also act as resistance for EURUSD.

  • Dow Jones Futures one hour chart with the ascending channel formation.
  • Price is trading near the support line of the channel.
  • It seems this dip will also be bought, Break above the dotted black line may give a good long trade.
  • Nifty has finally managed to close above its 50 DMA.
  • But the volume trend has not changed yet low volumes continue even on a breakout day.
  • Nifty should stay above 6070 for continuing this up move.


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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