February 8, 2011

  • SPX Hour chart with support and resistance levels.
  • 1308 may act as support in case of a correction.
  • 1322 - 1323 level is acting as resistance.
  • The rising trend line in hour chart is also giving good support for bulls as of now.

  • Price is approaching the apex of a consolidation pattern in daily chart.
  • One can expect good movement out of this pattern.
  • Price is trading above 50 day moving average which will favor the bulls of eurusd.
  • Important levels in daily chart is 1.3507 and 1.3860
  • EBAY has hit a resistance line of its rising wedge in weekly chart.
  • If price starts to comedown from here it may come down till the support line of the rising wedge shown in first chart.
  • Daily chart looks strong with price trading above 20 and 50 day moving averages.
  • 20 dma has given a bullish cross above 50 dma.
  • Price sustaining above 31.64 will favor bulls of EBAY.
  • If price falls below 31.64 the rising wedge in weekly chart will play out.
  • ES 30 minutes chart with support and resistance levels.
  • 1319.75 is the resistance level
  • 1313.25 may act as support in case of a correction.
  • Larger movements may unfold if this range gets resolved.

  • Crude oil daily chart is testing its trend line in daily chart.
  • Price in hour chart is trading well below its 50 hour moving average.
  • If price sustains below the trend line crude may target 84 levels in the coming weeks.
  • Price moving above 50 hour moving average may change the balance in favour of the bulls.

  • Bulls getting some help from the support line.
  • Intraday Bulls will feel safer if price remains above the red dotted line shown in the above chart.
  • Trying to save the intraday bull.
  • If that support line breaks the above chart will look meaningless
  • Correction will continue.
  • Getting above the dotted line can give a rally towards the resistance line.
  • State bank of india is showing a triangle pattern in daily chart.
  • Breakout of triangle should take out the support and resistance levels mentioned in the 2nd chart to give bigger profits.
  • First chart is the weekly chart of nifty with oversold stochastic levels.
  • Weekly stochastic may give a bullish cross that can result in a bounce for nifty.
  • Daily chart shows crucial support and resistance lines for nifty.
  • QQQQ Hour chart with the breakout area.
  • Hour chart gave a breakout above 57.27 level recently.
  • Today Price has pulled away from that level. Now if there is a correction 57.27 level may act as support. Break of this level will attract selling and a good correction may happen.


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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