March 6, 2011

  • Bank nifty's range in weekly line chart is shown in the first chart.
  • Down trend line in weekly chart has been violated a shown in 2nd chart. this favors the bulls provided 10600 is protected.
  • Daily chart shows resistance at 11360 levels. Price should also move away from 200 DMA for a directional move to happen. 200 dma sometimes has this magnetic effect, price tend to move around it for sometime and then moves away from it.
  • CSCO Weekly chart shows a possible support line from which a bounce can be expected.
  • But a reversal candle is yet to be seen so some more pain can be expected for the bulls.
  • If stock continue to break weekly lows we may see the stock dip to the support line in the coming weeks which can take it to $17.50 levels.
  • Daily chart shows price trending down below all major moving averages(200 , 50 and 20)
  • Price has to close above 20 day moving average for a reversal to be seen.
  • SPY Weekend update SPY WEEKEND UPDATE

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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