April 13, 2011

  • RIMM Daily has slipped below 200 day moving average. Price has not moved away too much from 200 DMA. Chance of a bounce is seen in the weekly chart.
  • Price is testing the 61.8% Fib level in weekly chart. If weekly candle confirms a reversal candle on Friday we may see buying coming back to RIMM. 
  • One has to wait till the weekend to confirm a reversal candle, Because if 61.8% Fib level breaks then more downside is possible.
 
  • SPY Hour is trading near its 200 Hour moving average.
  • If 38.2% Fib level and 200 HMA holds we may see an up move.
  • Break of 38.2% Level may lead to 129.80 levels.
  • ES HOUR CHART ANALYSIS
  • ES Hour has to break the resistance line in hour chart for continuing the upward momentum seen today.
  • Crucial Fib level of 61.8% is at 1324. This level has to be crossed on closing basis for things to turn completely in favor of bulls.
  • If Price gets resisted at 38.2% then price will slip towards 1312 level.
  • ES HITS 50 DAY MOVING AVERAGE
  • Nifty Fibonacci level for the fall from 5944 - 5735.
  • Price has retraced to 61.8% Fib level.
  • Nifty has to sustain above the Golden ratio for continuing this upward momentum.
  • Nifty spot closing above 5810 will give a bullish engulfing pattern.
  • Nifty is retesting the channel from which it gave a breakout. Falling back into the channel will help bears.
  • Staying above the channel resistance line will help bulls.
  • Price is respecting the weekly reversal candle formed last week.
  • Bears will be safe to hold on to the short positions as long as price trades below 5850.
  • Price Trading above 5850 means entering the tail of the reversal candle which will make bears uncomfortable.
  • Reversal candle has formed after price hitting a broken trend line which acted as support.
  • CRUDE OIL BACK TO THE BREAKOUT LEVEL

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"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."
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