May 30, 2011

CHART-II
  • ES Has given a breakout of the channel as discussed below.
  • Now price sustaining above 1334 and 50 Hour moving average will extend gains for Bulls.
CHART-I
  • ES four hour chart with resistance line. Last 3 times when price hit this trend line the Price action confirmed easy shorting opportunities.
  • But now price is trying to violate the resistance line so a breakout may be on the cards.
  • Price in hour chart is staying above 50 Hour moving average. So A fall below 50 Hour moving average may give a deeper fall. As long as price stays above 50 Hour moving average a breakout is possible.
  • SPY WEEKEND UPDATE
  • NIFTY has given a breakout from the triangle pattern
  • Bulls can add momentum only if they sustain above yesterdays high 5509.
CHART-I
  • 15 Minutes chart with a triangle pattern.
  • Trend in shorter time frame is favoring bulls So an upper breakout will help bulls extend gains
  • But being a triangle this may give a breakdown too. 

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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