April 16, 2011

  • MSFT Week is trading in a triangle pattern. Price is trading near the support line of the triangle.
  • Price closing below 24.8 will favor bears of MSFT.
  • Daily chart also looks to form a bearish Head and Shoulders pattern.Price below 24.60 means breaking the neck line of the head and shoulders pattern. Successful break from H&S pattern can target 21 levels in MSFT.
  • Price is trading below 50 and 200 Day moving averages. 200 DMA is near 26. For short term to look bullish price should trade above 26.
  • Shooting Star of CNX - IT gives good correction. Price did test the bearish candle But eventually Shooting Star wins the battle.
  • Next Support lies at 6550. If 6550 then price may slip down to 6150 - 6250 level.
  • Break of weekly trend line will add more bearishness to CNX - IT.
  • Infosys looks weak now stocks like TCS may give support to CNX - IT. One more point to note is the weekly Shooting star candle of TCS. I will update TCS chart later.
  • Shooting star was shown in the last post of CNX - IT: CLICK HERE
  • EURUSD Hour chart shows a range for this pair. 
  • Range is from 1.4364 To 1.4520
  • Daily chart which is respecting the steep trend line is favoring bulls.
  • So a  range breakout trade in favor of the bulls of eurusd would be an ideal trade.


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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