April 18, 2011

  • ES Hour chart show1319 as resistance level.
  • 200 Hour moving average also shows a bearish alignment.
  • 1298 is the next level for bears to break.
  • Daily chart is shown with a possible support and resistance line.
  • Fibonacci chart of weekly time frame shows price not able to close outside 50% and 61.8%. So closing outside this range can give good direction.
  • 3rd chart shows weekly trend line resisting nifty. But stochastic has not reached over bought levels So a sell is not yet confirmed.


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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