March 31, 2011

  • Crude Oil Four hour chart shows an ascending triangle type of consolidation. This is a bullish consolidation formation.
  • Break and close above 107 may target 115 levels.
  • If support line gets broken Crude oil will be bearish in the short term.
  • ES Four hour chart is showing a gravestone Doji Candlestick pattern.
  • This is a bearish reversal pattern. Price has not able to go above the shadow of this candle yet.
  • But one good thing for the bulls is that the breakout happened yesterday is still valid.
  • Levels which should be broken by the bears are 1317 and 1313.
  • Nifty's previous support band was between 5754 - 5766 level.
  • On closing basis if nifty sustains above this band trend will continue to favor bulls.
  • Price slipping below this level may lead to some weakness.
  • Unitech daily is near 50 day moving average.
  • Daily chart is forming a Bearish flag pattern.
  • If price sustains above 50 DMA things may turn around for bulls.
  • Last Update on Unitech: UNITECH ENTERS BEAR MARKET
  • Nifty Fibonacci chart shows price crossing 50% level. If week closes above this level we may see nifty moving towards the Golden ratio at 5894. Having said that one has to take a look at the second chart. Nifty during the fall shown on the second chart has made a consolidation during the middle of the fall. But the bulls are yet to consolidate they are doing a faster retrace of the fall. But i am expecting a consolidation to happen soon.

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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