April 25, 2011

  • Despite today's correction SLV's Hour chart did not break the trend line.
  • Price is still standing above its 50 hour moving average.
  • Price also moving up smoothly above the cloud.
  • Trend in hour chart will change only if 50 hour moving average and the cloud gets violated till than buy on dips will continue.
  • Crude oil Starts to correct as discussed in the below chart.
  • Crude oil 4 hour chart with support and resistance levels.
  • Price is trading near resistance level of 113.45. Up move from here will be possible only if price sustains above 113.45.
  • Next support for Crude is at 109.12.
  • Crude is likely to correct to 109 levels in the short term.
  • Important numbers for ES in hour chart for today is shown in the first chart.
  • Next chart shows price above and close to 50 hour moving average. Price may get support around 50 hour moving average. 
  • Price sustaining below 50 hour moving average may take ES to 1323 levels.
  • Weekend Charts:
  • NIFTY Futures has violated the range on the down side.
  • NIFTY Spot is still inside the range.

  • Nifty's 15 minutes chart with the RANGE.
  • Price is moving between 5857 - 5913
  • Trend in short term charts are up so till now buy on dips have been working. So if price breaks 5857 one should have proper confirmation before going short. If Range breaks 5857 first then a reversal towards 5913 is possible.
  • The hour chart of Bank Nifty futures. 
  • For bulls Price should not slip below the supporting trend. Staying above the trend line will result in a clear breakout above 12000 level.
  • If price falls below the trend line it will be negative for the bulls at least for the short term.
  • Daily chart has a bullish outlook:BANK NIFTY IHNS. Trade it with the help of hour chart.
  • Nifty week chart is not able to close and sustain above the golden ratio. Price sustaining above it will result in a breakout.
  • Week chart also near the resistance line of a triangle. If the breakout is confirmed one can see good move towards the direction of breakout. If continue to get resisted here price will start its move towards the support line of the triangle.
  • Weekend Charts
  • First chart shows price breaking out from a diamond pattern in daily chart.
  • 2nd chart shows Bullish engulfing in weekly chart. Bullish engulfing occurred before this one has worked well as shown in chart.
  • 3rd chart sows a rising wedge pattern in weekly chart. But bears has to wait longer as price has spiked up above the sloping resistance line and a rally towards the resistance line of the rising wedge is possible.
  • 4th chart shows price giving a bullish crossover 20 day above 50 day. Now if price holds 20 day moving average and break above 59.04 we will see big up move favoring bulls.
  • Bears will be active below 20 day moving average and 55.30 levels.


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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