January 20, 2011

  • Silver has broken its support at 28.
  • Price has also broken below the trend line in daily chart.
  • Price sustaining below 28.06 will make it weaker and correction will become deeper.
  • Price getting back above 28.06 may help the bulls of silver.
  • EURUSD Daily chart with resistance level and stochastic indicator.
  • Pair staying below 1.3430 will make eurusd weak.
  • Stochastic is showing overbought levels. If the pair sustains below 1.3430 we may see the pair getting weaker.

  • ES has formed a bearish engulfing pattern in its daily chart.
  • Now Bears should try to break the trend line drawn in daily chart for extending their gains.
  • Getting support on the trend line will give hope for the bulls to extend the primary trend.

  • Nifty Futures hour chart is showing a descending triangle
  • This pattern is a bearish one
  • But considering the oversold status of nifty this may breakout on the upside too.
  • One has to wait till price break the resistance or support line for taking a trade.
  • CNX IT continue to trade above the weekly trend line.
  • Front line it stocks like Infosys will continue to remain in up trend unless this trend line gets broken.
  • Day closing yesterday was above day low ema.
  • If nifty close below 5 day low ema again we may test the 200 dma and break it.
  • Fibonacci levels for the rise from 5350 to the recent high shows price breaking the golden ratio and is in between 78.6% and the golden ratio.
  • If price does not go above 61.8% soon nifty will test 5560 levels which is the 78.6%
  • Having said that stochastic and  MACD in daily time frame is hinting of a reversal any time.


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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