January 15, 2011

  • First chart of Intel shows the bearish engulfing patterns in daily chart and the support the stock is getting from the 200 day moving average. This pattern needs confirmation and for big correction to happen price needs to break 200 DMA.
  • Price has been hanging on to the 50 Day moving average for sometime now. Stock has shown negative price action again at 50 day moving average. Important support in daily chart is 20.27 and main resistance for this time frame is 21.42.
  • Fibonacci levels in weekly chart is showing price getting stuck near 50% Fib level. Earlier price gave a bearish engulfing in weekly chart at the 61.% Retrace level.
  • SILVER BEARISH ENGULFING
  • DOW JONES RISING WEDGE

  • Rising wedge formation in 30 minutes chart.
  • Rising wedge is a bearish reversal pattern
  • Pattern looks perfect if works according to the rules we may see good correction from this pattern.
  • ES BREAKOUT OF BROADENING PATTERN

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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