May 29, 2011

  • First chart shows price closing above 50 Day Moving Average.
  • But Bears will be happy that the price closed inside the descending channel pattern.
  • 2nd chart shows price consolidation in a triangle like pattern and this will soon give good direction.
  • 3rd chart shows Weekly chart with 20 week moving average. Price is refusing to close below 20 week moving average which will keep bulls happy.
  • Hindalco had a good close to the weekend. 
  • Price broke and close above the trend line in daily chart. MACD is looking positive and may give a buy signal. 
  • Price will move up if sustains above 20 day moving average.
  • Cloud resistance is near 207 and then the weekly down trend line will also act as resistance.
  • Above bullish view valid only if price sustains above 20 day moving average.


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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