April 26, 2011

  • SLV has broken the trend line in hour chart.
  • Price is trading close to 50 Hour moving average.
  • If price gets support near 50 Hour moving average we may see an up move.
  • Price breaking below 50 Hour moving average can give another correction.
  • ES Hour and MACD is showing negative divergence.
  • Now price has to help the bears as well. Price should confirm by giving a correction.
  • Recent track record with Divergence has not been good. Most of the Divergence shown recently has not worked because price did not help. Lets see how this one goes
  • ES Hour chart shows resistance at 1337.50 level.
  • ES Daily candle shows good upward momentum But price is approaching a cluster of resistance between 1337.50 - 1342.50.
  • Unless the above mentioned level is taken out by the bulls price will continue to correct from current levels.
  • SLV CHART ANALYSIS
  • Nifty hour is showing weakness at the top
  • We have a Pin bar reversal candle which will put pressure on index.
  • Price has again gone back into the range in which it was trading in for the last two days.
  • Failing to cross 5913 will favor bears. Trading below 5857 will give another chance to go short.
  • State Bank Of India daily time frame with Resistance line.
  • Price is finding resistance every time it hits this resistance line.
  • Price should stay above this line for good long trades to happen. Till then Stock will continue to fall from this level.
  • Nifty Hour chart is shown with Fib level for the rise from 5693 to 5913 level.
  • Nifty Broke 50% and took support above 61.8%. More downside move can be seen if Golden ratio is broken.
  • Moving passed 5830 may take nifty to the broken range that is near 5857 level were it will find resistance .
  • Daily chart with 20 and 200 day moving average has given a bullish crossover. If price given an upper breakout we shall see nifty moving towards 6100 and above.
  • Lower breakout may take it below 5500.
  • Yesterday's Intraday pos Updated: CLICK HERE

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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