January 27, 2011

  • QQQQ Hour chart is trading above the cloud.
  • Price is near its resistance level at 57.26
  • If price closes above this level we may see 59 levels in the coming days
  • getting resisted here will be negative
  • SILVER DESCENDING CHANNEL

  • SILVER Four hour time frame with a descending channel formation
  • Immediate resistance for silver is seen between 27.82 - 28.05
  • The channel bottom line is acting as support.
  • SPY TRIANGLE BREAKOUT

  • Price is consolidating after its breakout from the triangle pattern.
  • Breakout may achieve the target if the consolidation resolves on the upside.
  • Breakdown below 129.40 will be negative. Price falling into the triangle will lead to a busted pattern.
  • DOW JONES FUTURES CHART ANALYSIS

  • ES Daily chart with resistance and supporting lines.
  • 1296.50 is acting as resistance for ES.
  • Closing above 1296.50 will extend the bull run.
  • Breaking below the supporting trend line will be negative for the bulls.
  • DOW JONES FUTURES CHART ANALYSIS

  • Dow Jones futures hour chart with support and resistance lines.
  • Price is trading in a range of 11910 - 11970.
  • violation of this range may give good direction.
CHART-II
  • NF Breaks the crucial support line in hour chart.
  • Price also violated 5600 mark.
CHART-I
  • Nifty futures trading near important support line.
  • Violation of this line can push nifty down to 5550 levels.
  • Getting support here means a rally towards 5750.
  • Nifty Futures 15 minutes chart with Fibonacci levels.
  • Price is getting support at 78.6% retrace level.
  • Break of this level can give a selling opportunity towards the recent low.
  • Getting support here may turn NF bullish in the short term.
  • BANK NIFTY ANALYSIS
  • Bank nifty has given  a bearish Engulfing candlestick pattern.
  • Price hits the resistance line shown in the descending channel post.
  • Bulls may try to form the right shoulder of an inverted head and shoulders pattern.
  • NIFTY DAILY ANALYSIS
  • First chart shows a target of 5550 Only if the recent lows are taken out.
  • If 5750 is taken out first we may not see new lows in the short term. A firm close above 5750 will target 5863 and higher.
  • Tuesday was a bearish engulfing day. We have to see if it shows its effects today. Normally this candlestick pattern is effective at the top of the trend.
  • GOLD NEAR SUPPORT LEVEL

Disclaimer

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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