April 14, 2011

  • ES has given a bounce from the lows of the day.
  • But for the short term down trend to change price has to break and stay above the resistance line shown in the above chart.
  • Staying below 1305 will favor the bears. Sustaining above 1305 and breaking the resistance line can give a bigger rally in favor of bulls.
  • Dow Jones Futures 30 Minutes chart.
  • Price continue to break support levels.
  • We may see a counter rally today.
  • ES Daily chart with support level and Four hour chart with the cloud break.
  • Support band in daily chart is from 1294 - 1300 level. Positional bulls will be safe until this level is taken out by bears on closing basis. So a bounce can be expected from this level.
  • Four hour Shows Price trending down below the cloud. So any rally will face selling pressure until price manages to break the cloud on the upside.
  • 11900 is an important level to cross for bank nifty on closing basis.
  • Indicators in daily are looking overbought But they are yet to give a sell.
  • MACD in weekly chart is looking good for bulls of BANK NIFTY.
  • Weekly Trend line is showing some more upsides IF 11900 is taken out on closing basis. Price may try to retrace towards the broken trend line shown in last chart.


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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."
—Jesse Livermore