March 17, 2011

  • Silver weekly chart with a possible bearish engulfing pattern.
  • If this one gets confirmed we may see price slide back to the trend line shown in weekly chart.
  • For bearish weeks to unfold price has to close near 34 levels. This will make sure that the body of the previous two bullish candles will be engulfed by this bearish engulfing candle.

  • SPY 5 minutes chart with today's range.
  • Break below 127.47 may fade the GAP.
  • If price takes support at 127.47 we may see an up move towards 128.39.

  • Price in hour chart is trying to break the resistance line
  • 1282 - 1283 area will act as resistance for ES. 
  • Break below the yellow line will favor bears.

  • Weekly chart of CNX - IT shows a channel formation.
  • Price is Near the resistance line of the small channel and the support line of the bigger channel.
  • This setup should give good direction for the leading IT stocks once a breakdown or breakout happens on closing basis.
  • Dow jones daily chart with 50 , 100 and 200 dma's and Ichimoku cloud.
  • Price has violated both 50 and 100 dma's. If it stays below 100 dma we may see price sliding to 200 dma in the coming weeks.


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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