March 4, 2011

  • First chart shows ES daily chart with 20 day moving average. 
  • Price is above 20 dma for now, But if it falls below 20 dma we will get another correction.
  • Next chart shows price with 50 dma. The recent fall was stopped at the 50 dma. So a major correction can be expected only if 50 dma gets tested again.
  • 1296 has become an important support for now.

  • Four hour time frame shows price hitting a possible resistance line.
  • 15 minutes chart with ichimoku cloud shows a smooth up move by bulls yet to be challenged.
  • Nifty's weekly chart shows price back into the channel consolidation it was trading in Before the breakout took place.
  • Price has taken support at the bottom of the channel. Big correction may be seen if this trend line gets broken.
  • For bulls the big movement is based on 200 dma. If price sustains above 200 dma we can see levels of 5700 and 5900 on screen again.


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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