June 3, 2011

  • ES may face resistance at 23.6% retrace levels for this fall.
  • This is also the breakdown level for the consolidation in hour chart. 
  • So a turnaround for bulls might happen above 1307 level
  • Goldman Sachs is near its previous weekly low 129.50
  • 2nd chart shows oversold stochastic in weekly time frame and price near previous low might result in a bounce.
  • ES is approaching a trend line in daily time frame
  • 1290 is an important support resistance level which may coincide with the trend line and price may give a bounce from here.
  • Break of the above mentioned level may push price to the 200 Day moving average. When a stock meets its 200 DMA after a long gap it results in a good trading bounce.

  • Nifty spot at 5600
  • Now it has to either make or break.
  • Close the day above 5600 - 5635 we move above 5700 in the coming days.
  • Close the day below this level will attract selling.


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"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