May 20, 2011

  • SPY Triangle pattern in 30 Minutes is near the apex of the pattern may give direction soon.
  • Hour chart shows price moving in a channel with negative bias.
  • Price is near the resistance line, Unless a breakout happens price is likely to move down towards the support line of the channel.
  • Nifty hour is finding resistance at 50 Hour moving average.
  • Hour chart with Fibonacci levels too shows 38.2% acting as resistance .
  • Bulls has to stay above these levels for moving ahead otherwise we may see some selling emerge.
  • Nifty futures hour chart with MACD
  • Price may try to hit the upper resistance line if positive divergence works.
  • Real gains for bulls only if they manage to stay above the resistance line. Getting resisted at the resistance line will the perfect entry for bears.
  • Bears of  bank nifty are threatening to break some important supports.
  • 10430 in weekly chart on closing basis will favor bulls and then they will be going for 9870 levels.
  • Break below that will change the trend in favor of bears and that means the end of this great up trend started from 3500 levels.
  • But lets wait and see if they are able to close below 10430 levels first and then take the next action.


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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