March 7, 2011

  • Apple hour chart with 50 hour moving average
  • Price is testing 50 hour moving average. If price sustains above it we may see an up move. Breaking this moving average will extend gains for bears.
  • Today's down move started when price broke down from a small rising wedge pattern in hour chart. 

  • Gold four hour time frame with channel formation.
  • Price is moving up smoothly inside the channel. Bears will have a chance only if they manage to break the channel.
  • As long as price remains above the cloud bulls will be safe to hold on to the long positions.
  • ES 30 Minutes chart with support and resistance lines. Violation of these lines may give good direction.
  • Hour chart is shown with the recent high low and important high and low points.
  • Break of 1311.25 may push ES towards 1296.
  • Break above 1325.75 will move price towards 1335 level.

  • Tata Steel is trading close to its support and resistance line.
  • Line chart of daily time frame shows price taking support at higher levels. So one can expect an upper breakout to happen.
  • If the supporting trend line gets broken on closing basis we can expect good correction in this stock.

  • RIMM Daily chart shows a triangle shaped consolidation which can give good direction on a breakout.
  • Weekly chart shows price moving up in a narrow channel.
  • Considering the trend of the stock an upper breakout in daily chart will extend the gains for bulls.


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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