April 28, 2011

  • Russel 2000 Four hour chart.
  • Price has gone above resistance level of 855. After breakout price is retesting this level.
  • Price sustaining above 855 will be bullish for Russel 2000.
  • Range from which the breakout happened was about 40 points. Weekly close above 855 may take Russel 2000 to  890 and above in the short term.
  • Price sustaining below 855 will favor bears.
  • ES Four hour chart shows main support for ES now between 1336 - 1338 level.
  • Price closing below the above mentioned level will be negative for bulls.
  • Price is trending up above 50 Hour moving average. Price dipping towards this Moving average can be used to go long again.
  • AMAZON Daily chart has given a breakout. 
  • Volume has also spiked above the daily average volume.
  • Week chart was trading in a range of 160 - 190.
  • Price has violated this range. If Week closes and sustains above 190 Amazon will TARGET 215 and above in the coming weeks.
  • Price falling below 190 will be negative for the bulls.
  • Nifty Closed below the support line.
  • We may see nifty moving towards the lower end of the range before going up.
  • Nifty has violated the support line in hour chart.
  • Now Bulls has to hope that this is a false break below the support line.
  • Reliance has broken the important support at 1000. This number was between 50 and 200 day moving averages which makes it more important.
  • As shown in the 2nd chart Break below and above 20 DMA has given nice trending moves recently. so this should work again But have the trailing stop in place.
  • We discussed about selling the stochastic in weekly chart, This has worked and the profits for bears might extend if price sustains below 1000 level. 
  • AAPL Daily chart with 50 day moving average.
  • Price is consolidating above 50 DMA. If continue to stay above 50 DMA price will give hope for bulls
  • Daily candle closing below 50 DMA will favor bears.
  • Hour chart of GOLD has give a breakout above recent high of 1518 level.
  • Hour was forming a range from 1492 - 1518.
  • This breakout should give more than 20 points for gold which should take it passed 1535 level in the short term.


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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