March 18, 2011

  • Bidu has a triangle pattern in daily chart.
  • Price is trading above 50 day moving average.
  • So a break in favor of bulls would be an easy long to take.
  • For bears Bigger gains can happen only if 50 dma gets broken along with the triangles support line.
  • ES HOUR CHART ANALYSIS

  • ES Near 200 hour moving average. Price has to close above this MA for further up move to happen.
  • Bulls manage to break the resistance line in hour chart. But further up move will be possible only if they manage to break above the 200 hour moving average.
  • Nifty's moving average is showing a bearish alignment.
  • 20 day moving average is approaching 50 dma. 
  • We had a similar event near 6000 levels. For this one to work perfectly Price should continue to stay below 20 day moving average.
  • Bears will get bigger gains once the trend line shown in weekly chart gets broken.
  • SILVER May Give a Bearish engulfing Weekly candlestick pattern

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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