January 24, 2011

  • Crude oil is trading close to its weekly trend line in daily chart.
  • Price is also trading at the lower end of a multi week range in which crude is trading.
  • Breakdown and close below this range or trend line will be negative for crude.
  • Getting support at the trend line means crude will continue this range.
  • APPLE GETS CLOUD SUPPORT

  • Apple has taken support on the ichimoku cloud in four hour time frame.
  • Price has retraced 38.2% of the recent fall.
  • Bulls may become stronger again if price starts to trade above 61.8% level.
  • Getting resisted near 50% level may start the next wave of selling.
CHART-II
  • ES has given a breakout from the triangle pattern.
  • Next resistance level is at 1287.75
CHART-I
  • ES 30 Minutes chart is showing a descending triangle pattern
  • 4 Hour chart is showing resistance at 1283.50. Price is not sustaining above 1283.50.
  • An upside breakout from the triangle pattern should take out 1283.50 and price should sustain above this level for bulls to gain momentum.
  • Breakdown below the support line will favour bears.
  • US DOLLAR ANALYSIS
  • MICROSOFT TECHNICAL ANALYSIS
  • A BEARISH APPLE

  • Bank nifty is trading in a descending channel pattern.
  • Right now a bounce is happening within the pattern.
  • 11130 level may act as the resistance for this move.
  • The main trend line from will also be a resistance.
  • A bigger up move can only happen on a decent breakout above the resistance line.
  • SUZLON ENERGY TRIANGLE PATTERN
  • US DOLLAR ANALYSIS

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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