May 11, 2011

  • SLV Day got resisted exactly at the 50 Day Moving Average.
  • Hour is forming a range from 33.58 - 37.90.
  • Breaking the cloud in hour is going to be tough for bulls.
  • If 33.58 Breaks we may see the next leg down for SLV
  • 1342.50  in Daily may act as support, This level acted as resistance and it may act as support now.
  • 20 Day Moving Average is Near the above mentioned level so This may act as confluence of support if a correction happens.
  • Triangle breakout is favoring bulls till now. But things may turn in favor of bears if price starts to trade below 200 Hour moving average which may result in a busted triangle pattern.
  • SPY ASCENDING TRIANGLE PATTERN
  • Daily chart is trying to stay above 50 day moving average.
  • Getting resisted at 50 DMA will increase the bearishness of Dollar Index.
  • Week chart will continue to look Bearish unless the resistance line gets broken.
  • Nifty 5 Minutes should give good direction out of this consolidation pattern
  • Nifty Weekly chart shows trend line support for nifty between 5300 - 5400 levels. 
  • So breaking this level will be tough for bears. If they manage to do that we may see bigger correction in Nifty.
  • In the short term Bulls are not able to cross 5550 level on closing basis. If price keep on getting resisted here it is negative for the short term bull. 

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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