January 8, 2011

WEEKLY CHART
DAILY CHART
  • CNX-IT weekly chart has given a bearish engulfing pattern.
  • MACD Indicator in daily chart has given a bearish cross.
  • Price has stopped at the 20 dma line of the Bollinger band. Price breaking and closing below it will be negative.
  • BULL FLAG OF CNX-IT
  • Bank nifty has broken an important trend line in its weekly chart.
  • With yesterdays lower close price has confirmed yet another bearish engulfing pattern in weekly chart.
  • Next support is seen near 10730 levels.
  • Problem for bank nifty is that if 10730 level breaks on closing basis there is not support seen in weekly chart till 9870 levels.
  • FALLING WEDGE OF CRUDE OIL

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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