April 1, 2011

  • 30 Minute chart of MSFT is showing a Descending Triangle pattern.
  • Price closing 25.30 will help the bears of MSFT
  • Google is moving towards its 50 day moving average.
  • 50 DMA and 61.8% Fib ratio may act as resistance levels on its way up.
  • First chart shows ES Hour breaking above a rectangle type of consolidation.
  • 50 Hour moving average is near 1325 level. Staying above this level will favor bulls.
  • Till now the dips below 50 hour moving average has not helped bears at all. Bulls managed to buy the dips. Price has to sustain below 50 hour moving average for bears to get a meaningful correction.
  • Bank nifty 30 Minutes chart shows a range of 11600 - 11900.
  • Break of 11600 can give good correction for Bank Nifty.
  • If gets support at 11600 we may see BN move towards 11750 levels today.
  • Daily chart shows a confluence of resistance with price about to face a trend line and 61.8% Fib level around the same area. So this are need to be cleared convincingly by the bulls to continue the upward momentum. Getting stuck here may result in a meaningful correction.
  • Weekly chart too shows price near a resistance line which has stopped price from moving up earlier. Price has to clear this line on a closing basis for keeping the bullishness intact.


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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