March 1, 2011

  • SLV Hits the resistance line in daily chart.
  • If price gives a bearish candlestick pattern on this resistance we may see a correction.
  • Breaking above this line will keep the upward momentum intact.

  • Fibonacci levels in 15 minutes chart.
  • Price has taken support at 50% level for now. For an up move to happen price has to sustain above 38.2% level.
  • Breaking below 50% will lead to 61.8% Fib level.
  • Moving averages for ES are aligned bullishly in hour chart. 20 hour moving average is back above 50 hour moving average. 
  • If price sustains above 20 hour moving average bulls can extend the gains.
  • Dip in prise may get supported by the 50 hour moving average.
  • ES hour is also showing a channel formation which is also supporting bulls.
  • For bears they should try to break the 50 hour moving average for creating a good shorting opportunity.

  • Reliance industries is not able to sustain above its 50 day moving average.
  • Only a strong close above 50 DMA can give upward momentum for the stock.
  • Stock is stuck between its 38.2% and 61.8% Fibonacci levels. Violation of these levels on closing basis can give good direction.


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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