April 17, 2011

  • First chart is the weekly chart of IWM shown with support and resistance lines. Having taken support near the supporting trend line price is moving towards the resistance line shown in Weekly chart.
  • Daily chart shows price bouncing from 50 day moving average.
  • Price has closes above 82.35 which was a resistance level. Sustaining above this level can target 85 level in IWM.
  • QQQ has  a Bullf flag pattern and a Diamond pattern in daily chart.
  • 50 DMA  is moving flat for sometime now So a big breakout on either direction is possible soon.
  • If price sustains above 50 DMA we will see the Bull Flag Breakout. 
  • If price stays below 50 DMA we will see the Diamond breakdown.


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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