April 19, 2011

  • SPY is filling the Yesterday's GAP. But price is still below the cloud.
  • If 50 Hour moving average and Cloud acts as resistance only a partial filling of the GAP will be possible.
  • Hour chart will favor of bulls only if price breaks above the cloud and 50 Hour moving average.
  • AAPL Hour chart shows price breakout above a channel formation.
  • Price has gone above 50 Hour moving average.
  • But the trend in Hour chart will turn completely in favor of bulls only above 200 Hour moving average. Till then Bears may try top sell this rise of AAPL.
  • ES Finds support near 1294 level. Price did broke 1294 But could not sustain below it. For bears they should try to close and sustain below 1294 for bigger correction to happen.
  • 50 Day Moving Average is an important level. For now price is below it. Bulls will be comfortable to hold longs only if price stays above 50 day moving average.
  • MACD in daily has given a sell There is a conflict there because MACD week is still favoring bulls.
  • Price resting at 38.2% and 200 DMA So breakdown from here will push nifty below 5700 towards 5650 levels.
  • Nifty Week is showing a big triangle pattern. Rules of the triangle gives a breakout target of 1549 points. If price moves down towards the support line of the triangle We will get a perfect triangle pattern. 
  • SPY is trading in a range after giving a gap down opening.
  • 129.51 was the intraday low and above 130.59 the Gap will start to fade.
  • Getting resisted at 130.59 will give another correction


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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