June 14, 2011

  • Dow jones daily chart with the broken trend line.
  • Price is trying to stay above the broken trend line
  • So close above 12100 will favor bulls.
  • Getting resisted here and closing below the trend line will be negative.
  • SPY is filling the gap between 128.93 -  129.34
  • But in the process it has left a big GAP in today's chart.
  • 128.93 - 129.34 level may act as resistance for today.
  • ORACLE is taking support at 78.6% retrace level.
  • Stochastic and price is diverging. If stochastic goes above 20% price may start moving up.
  • Last chart shows broken trend line in daily chart. So this line may act as resistance. If price closes above the broken trend line we will get a buy signal. Hold the long position with 10 day EMA as trailing stop on closing basis.
  • Nifty fib levels for the rise from 5436  -  5520.
  • Breaking below 5500 that is the 23.6% Fib levels will make things neutral again.
  • While staying above 23.6% keeps the possibility of a breakout above day high open.
  • All three major indices are showing consolidation triangle patterns.
  • If the support lines are held we may see them moving up towards the resistance line.
  • Nifty is showing a Bullish ascending triangle this one was redrawn because of yesterday's Dip below 5450. If an up move happens and stays above 5500 price may move towards 5600 in the coming days.


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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