March 11, 2011

  • ES Hour chart is trading near 50 hour moving average.
  • Maximum this bounce can go is till 61.8% fib level.
  • For now price has to sustain above 50 hour moving average and 38.2% Fib level.

  • There is a band of support for NF between 5400 - 5420.
  • This area was violated once and NF went below 5300.
  • Next big correction can happen only if This support area gets broken.

  • Tata steel shows a negative trend line break.
  • But major correction may happen only if price slips below the band of 584 - 594. This band includes the 200 day moving average.

  • Bank nifty is moving up and down in a triangle pattern.
  • Right now price has hit the resistance line of the triangle.
  • A fall towards 10400 levels may take place if 10658 gets broken.
  • Breakout from the triangle can also give good direction. Being a triangle one should be careful of a false breakout.
  • Gold has broken the cloud in four hour time frame.
  • Bulls of gold will be under pressure if price sustains below the cloud.
  • 1400 is an important support level.
  • If 1400 is protected an up move into the cloud can be seen shortly.


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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