June 16, 2011

CHART-II (TRIANGLE UPDATED)
  • Price broke the triangle and went till 318 level where it took support and came back into the pattern. a busted triangle if goes in the opposite direction may favor bulls.
CHART-I
  • AAPL Hour chart with a triangle pattern.
  • If price breaks below 320 - 322 Level this can be a Head and shoulders pattern.
  • Above 333 things will favor bulls again.
  • US DOLLAR HITS RESISTANCE LINE
  • At 76.50 US Dollar has hit the weekly resistance line.
  • For further up move to happen price has to break the resistance line and close the week above this level.
  • But for now resistance line seems to be strong.
  • DOW JONES ANALYSIS AFTER CLOSING BELL
  • Nifty broke below 5400 But selling momentum has not picked up
  • It is because price is finding support near 78.6% retrace level.
  • So price has to close and sustain below 5387 level for bears to do a complete reversal towards 5328.
  • Nifty Week is moving down towards the trend line that's the most important point to note here. 
  • Price closed below 20 DMA.
  • Week is shown with a head and shoulders pattern.
  • Day is shown with an inverted HNS this pattern is getting weaker by the day.
  • Volatility might increase from today because of the news flow.
  • DOW JONES ANALYSIS AFTER CLOSING BELL
  • Price gave up all of yesterday's gain and closed 178 points down.
  • Now if one plots Fibonacci retrace levels for the rise from 11555 to 12875, Price is near its 78.6% and hour charts are showing positive divergence without much effect though. 
  • If 78.6% too gets broken then comes the all important 200 day moving average. 
  • If the positive divergence takes effect we may see a bounce from between 200 DMA and 78.6% level. So some more selling is left before we see a bounce.
  • SEE THE EFFECTIVE OF PIN BAR ON DOW JONES IN THIS POST

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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