March 9, 2011

  • SPY Daily chart is shown with the triangle pattern in daily chart.
  • Price is trading closer to the apex of the pattern, this can give a breakout any time.
  • Being a triangle one should expect false breakout before price decides to change the trend.
  • ES Hour chart with support and resistance lines.
  • 1317.25 is an important level for today.
  • Price sustaining below 1317.25 will favor bears. 
  • Larger move will happen once the support or resistance lines gets violated.
  • Reliance has given an intraday spike in favor of bulls.
  • But price has to close the day  above 1010 for the upward momentum to sustain in the coming days.
  • Nifty futures 5 minutes chart is showing a small range, Breaking out of this range will give good direction.
  • Daily chart shows a hammer candlestick pattern at 20 dma holding price in favor of bulls yesterday. Now if price holds 5500 we may see it moving towards the upper Bollinger band. 
  • 50 DMA Should also be kept in mind if an up move happens it may get resisted at this moving average.


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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