April 6, 2011

  • Apple daily time frame with Ichimoku cloud.
  • Last time Apple gave a breakout above cloud it was trading at around $260 level.
  • Now Apple is again testing the cloud. 
  • Breakout above the cloud and 354 level can give fresh high's for apple.
  • Break and close below 326 can start a down trend in daily time frame.
  • ES IN A CHANNEL
  • ES Four hour chart is moving up in a channel.
  • Es may not face big correction till it break the supporting trend line of the channel.
  • ASCENDING TRIANGLE OF GOLD
  • Nifty Futures 5 minutes chart is moving in a channel.
  • Breakout from this pattern can give good direction.
  • Nifty futures 5 minutes chart with Fib levels.
  • Break below 5880 will extend the correction. Above Golden ratio and 5951 NF another good up move possible.
  • ASCENDING TRIANGLE OF GOLD
  • Bank nifty Futures hour chart with the range of 11600 - 11900. 
  • BNF is moving towards the bottom of the range. 11730 level may act as support for the down move.
  • We will see a bigger move once this range is resolved. Range was shown LAST WEEK CLICK HERE
  • Bears finally got a negative candle and it has come at the resistance line.
  • Every candlestick pattern needs confirmation so price has to open trade and closer lower for this one to be effective. Price action above the hanging man candle will make the pattern weak.
  • Two other things that should worry the bears is the strength of the indicators. Although they are showing overbought readings that is also showing the strength of the bulls. So an indicator like Stochastic should dip below 80% level for a correction to happen.
  • Then price continues to close above the Golden ratio. Which increases the chances of an up move.
  • DOW JONES NEGATIVE DIVERGENCE

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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