June 13, 2011

CHART-II
  • Price sustaining below 127.26 will extend correction.
  • Getting support here may give an up move.
CHART-I
  • SPY 5 Minutes chart.
  • consolidation has resulted in a triangle pattern
  • Breakout can give good direction. 
  • Considering the oversold situation an upper breakout may be an easy trade to take. Beware of whipsaws as well.
  • One hour chart is showing a bearish continuation pattern.
  • But four hour seems to be bouncing from the sloping line of a broadening pattern.
  • If the supporting trend line of the bearish flag shown in hour chart is held the bounce will gain strength.
  • On the contrary bearish flag breakdown may take ES to 1264 levels.
  • SPY WEEKEND UPDATE
  • AAPL WEEKEND UPDATE
BULL FLAG UPDATED
CHART-III
  • Bull Flag shown below has violated the resistance line and has closed in favor of bulls.
  • And Like Friday bulls fight back from near 5450 to close the day above 20 day moving average.
  • We will know soon if it is shown of strength by bulls of bears laying a bull trap.
CHART-II - BULL FLAG UPDATED
CHART-I
  • Bullish consolidation pattern in 5 Minutes chart.
  • Will be effective if the resistance line gets broken
  • Nifty Hour chart with fib levels for the rise from 5339 - 5604
  • Price is near the golden ratio. So the next big down move only if price sustains below 5333.
  • If this level gives support and moves past 5466 we may see 5500 level.
  • Below 5433 price may touch 5387.
  • SBI Weekly chart shows price taking support at 50% Fib level for the rise from 880 - 3515.
  • So more bad news only if 50% and the low gets broken again.
  • 20 DMA is resisting and stochastic is showing a sell which may take the stock to the recent low. In all likelihood price is in the process of forming a bottom around the recent low
  • But one should watch out for a possible break below the recent low then the stock may fall again.
  • NIFTY WEEKEND UPDATE
  • RELIANCE BUY THE STOCHASTIC

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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