January 7, 2011

CHART-II
  • Range of SPY mentioned in the below chart has broken at 127.01.
  • Next support in this time frame is the recent low at 126.19.
  • Break of this level will be negative it will fill the remaining GAP in this time frame.
CHART-I
  • SPY 30 minutes chart is showing support at 127.01 and resistance at 127.83
  • Price is also developing a consolidation pattern which will give good movement on a breakout.
  • Crude oil has been on a decline in hour chart after hitting 92 levels recently.
  • But hour chart is forming a bullish reversal pattern a falling wedge.
  • If pattern works according to the rules it can give fresh high's for crude oil.
  • Break of support line will invalidate the pattern and will be negative in the short term.
  • GOLD TRIANGLE BREAKOUT
  • US Dollar is trading at the top of the range.
  • Dollar is trading in a range of 79 - 81.52.
  • More high's will be possible only if 81.52 level is taken out by the bulls.
  • Failing to breakout of the range will be negative in the short term for US Dollar.
  • ES Hour chart is trading between support and resistance levels.
  • First support in hour chart is at 1264.50
  • Resistances are at 1272.50 and 1276.75
  • Nifty Futures line chart with 50 day moving average.
  • NF is trading below 50 DMA and the important support/resistance area showed in chart.
  • Closing the day and week below 50 DMA will be negative and favours bears.
  • Trend is clearly down.
  • We will get an opportunity to go long only if price stays above the cloud as shown in the previous trend. 
  • Till than its sell on rise.
  • Nifty weekly chart may confirm a Dark Cloud Cover pattern today. This will be negated only if nifty close the week higher.
  • This weeks candle has covered more than 50% of the previous candle. If it closes like this it will favour bears. Dark cloud cover is a bearish pattern.
  • BEARISH ENGULFING OF BANK NIFTY

  • Bank nifty is looking weak. Price is showing its 3rd bearish engulfing pattern in weekly chart..
  • Third bearish engulfing will be confirmed with today's close.
  • Since the index is oversold, Price may find support near 10970 level. 
  • US DOLLAR TECHNICAL ANALYSIS

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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