May 3, 2011

DOW JONES SPOT CHART
DOW FUTURES
 
  • Dow Jones spot chart is showing a pin bar reversal candle.
  • Dow Futures daily chart is showing a Bearish engulfing.
  • Both very effective when comes at the top of the trend. 
  • PIN BAR OF BIDU in weekly chart is doing well so far.
  • SLV Daily is testing its 20 day moving average.
  • Price closing below this level will favor bears. Last time price did make a good up move from this moving average. But for now bears seems to be having good momentum.
  • Hour chart is trading below 50 Hour moving average and support area between 43.60 - 43.80 is broken now. Bulls shall try to stay above 44 for pushing prices higher again. For bulls day should also close above 20 DMA.
  • ES Hour chart is trending down below 50 hour moving average.
  • Main support level in hour chart is between 1348 - 1350 level.
  • Sustaining below this level may bring ES down to its 200 Hour moving average which is near 1343 level.
CHART-II
  • Nifty has clearly broken the first trend line and closed near day's low.
  • It seems price is moving below 5500 and towards the blue Trend line.
CHART-I
  • Nifty four hour chart with important trend lines that can stop the bears.
  • Break of red line will be negative and price may start moving towards the blue line.
  • A pull back can be seen only if the day closes above the red trend line
  • Nifty has multiple support at around 5620 - 5630 level.
  • 50 DMA near 5630 area and 38.2% Fib level @ 5620.
  • If bears are stronger they will manage to close below these levels. Then Nifty may start moving towards 5450 level.
  • Getting support at the above mentioned level can turn nifty towards 5750 level again. 
  • Russel 2000 gave a breakout from 855 levels Last week
  • Now price is retesting the breakout level.
  • If price sustains above 855 we will see a bigger up move.
  • Day closing below 855 will be negative.
  • PREVIOUS POST ON RUSSEL 2000

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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