June 1, 2011

  • ES is nearing the Golden ratio for the current rise from 1302 level.
  • Price has broken below 200 Hour moving average.
  • Price sustaining below 200 Hour moving average will favor bears.
  • If an intraday bounce is to happen it might happen from 61.8% retrace level
  • ES Daily line chart shows price near 1341 - 1342 level which is an important Support and Resistance level. If bulls manage to move above and close higher from this level they can extend gains up to 1375 level.
  • If bears manage to pull down and close below this level price may start to correct again.
  • Price in hour chart is moving up in a channel. For bears they should try to break the channel, Price staying in the channel will favor bulls and small corrections within the channel can be used for achieving newer high's.
  • Nifty has managed to get into the Bear flag pattern.
  • Now that the resistance line is crossed price may target the upper trend line.
  • Nifty Closes above 20 DMA and if sustains above this level will soon reach the 50 day moving average.
  • MACD and Stochastic are still favoring bulls. Indicators are yet to become weak.
  • The hammer seems to be working well for bulls so far. Price closing towards the high of the week will increase the validity of the Weekly bullish hammer


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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