January 4, 2011

  • Yesterday's GAP being filled today.
  • Price is near 61.8% Fib level now.
  • Dip to 78.6% may fill the GAP completely.
  • EURUSD Daily chart with support and resistance levels.
  • 50 Day Moving Average and 1.3496 level is will act as resistance.
  • 1.3054 and 1.2967 levels will act as support.
  • This range has to be resolved for larger movements to happen. 
  • ES Hour chart with support levels.
  • First support is at 1264.50 Below this level next important support is at 1258.25.

  • Nifty has been going up after closing above its 50 day moving average.
  • Next resistance zone for nifty is between 6186 - 6233.
  • Stochastic and RSI are in overbought zone But MACD is suggesting some more upside. Negative divergence is yet to be seen.
  • So the best trade would be to stay long with a trailing stop.


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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