January 14, 2011

  • ES Hour chart has given a breakout from a broadening formation.
  • A right angled descending broadening pattern.
  • According to the rules of the pattern we may get about 10 points in ES from the area of breakout for this pattern.
  • But price has to close and sustain above 1284.25. Dipping below this level will be negative.
  • BEARISH ENGULFING IN SILVER

  • SPY 30 minutes chart with support and resistance levels.
  • Resistance in this time frame is seen at 128.72
  • Support is seen at 128 and 127.70
  • There is an unfilled GAP between below 128.
  • US DOLLAR AND EURUSD CHARTS
  • SILVER BEARISH ENGULFING

  • ES Hour chart is showing a band of support from 1172.50 to 1175.50
  • This area acted as resistance before So a fall to this level may give a long opportunity.
  • Price closing and sustaining below this level will favour bears.
  • SILVER BEARISH ENGULFING

  • The weekly chart on closing basis looks interesting as the line which acted as resistance previously may give support to the index. But a breakdown also looks possible which will be followed by good correction. 
  • 5750 level in daily chart has been holding on closing basis, this level too is getting tested too many times. 
  • US DOLLAR AND EURUSD CHARTS
  • SILVER BEARISH ENGULFING

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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