May 21, 2011

  • Nifty's Bear Flag breakdown seems to be failing. But price hit resistance on the support line of the Flag which may act as resistance. If price manage to close inside the pattern we may see Bullish price action.
  • Price also seems to be coming down in a descending channel formation as shown in 2nd chart.. On Friday price attempted to breakout above the channel But price was not able to sustain at higher levels.
  • Last chart shows Oversold stochastic reading which may give a bounce. But it may also stay oversold giving more gains for bears.
  • Final chart is the weekly time frame which shows a Hammer like candlestick which may favor Bulls. All candlestick patterns need confirmation so bears should not get too worried.

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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