May 10, 2011

  • SPY Hour chart has an ascending Triangle pattern.
  • Price sustaining above 135.66 May give a rally for bulls.
  • Breaking support line will favor bears.
  • ES Hour is near the resistance line of a consolidation triangle pattern and its 200 Hour moving average.
  • Price if sustains above both these levels Bulls may get a rally in their favor.
  • If gets resisted price will fall fast because of the confluence of resistance.
  • AAPL Descending Triangle pattern
CHART - II
  • Bulls are holding on to 5500. Todays fall from the rising wedge gave an intraday sell. But positional bulls are not yet affected.
  • Breaking 5500  -  5520 level will give hope to the bears. For bigger gains they have to break 5443 as well. Till then this thing will remain range bound. 
CHART -I
  • Nifty has both Bullish and bearish possibilities.
  • An ascending triangle breakout may find resistance at the Resistance line of the Rising wedge.
  • So Bulls need to breakout of both patterns to confirm breakout.
  • Bears need to Break the rising support line of the Rising wedge.
  • Breaking yesterday's low will bring nifty to the support line of the triangle shown in weekly chart.
  • Price is closing between 5 day high and low Ema's which will not give a clear trend. So We need to see price closing above high Ema for a small up trend to start.

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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