January 19, 2011

  • Triangle in gold chart in its four hour time frame.
  • This is a big one break of support or resistance line can give more than 50 points towards the side of breakout provided there is no false breakout.
  • ES has violated the support area mentioned below.
  • Sustaining below this level will strengthen the bears.
  • ES Breaks below 50 hour moving average.
  • Support zone is at 1282.25 - 1284.25
  • Hour trend will be in trouble only if price closes and sustains below 1282
  • Resistance level for nifty on closing basis is 5750 - 5770. 
  • another important resistance would be the 5 day high ema.
  • Weekly chart shows price taking support exactly at the lower Bollinger band.


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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