March 14, 2011

  • Breaking 1278.50 will extend gains for bears. This level may act as a support area as well.
  • ES hour chart is showing a triangle shaped consolidation.
  • This one can give more than 10 points towards the breakout provided there is no false breakout.
  • Price in daily chart is trading near its 200 DMA, So if price touches the 200 DMA we may see a bounce from this moving average.
  •  Price in weekly did violate the trend line, But has managed to stay above it form now.
  • Daily chart is trending down in a channel. So a change in trend may be visible once the resistance line of the channel gets broken on closing basis. 

  • First chart shown is the range of bank nifty in weekly Time frame. This range should be resolved for a convincing move to happen.
  •  2nd chart shows a possible Diamond pattern in daily chart. This pattern is know to be bearish. But Remember A Diamond can make a bottom formation as well. So go short only if the support line of the Diamond breaks.


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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