June 17, 2011

  • Second chart is the weekly time frame which shows US Dollar reversing from the trend line
  • First chart shows the daily candle which is a PIN BAR formation a powerful reversal candle.
  • This may take Dollar back to 73.50 levels again.
  • PIN BAR OF DOW JONES WHICH GAVE GOOD RESULT FOR BEARS
CHART-II (DAILY) 
  • Support mentioned below is broken.
  • Target of $30 achieved with a GAP DOWN
CHART-I (WEEKLY)
  • RIMM has hit its weekly support level.
  • Weekly support is between 34 - 35
  • Seeing the price action it looks this level will not be held. Hour chart is showing positive divergence with MACD which may result in a small bounce. 
  • Closing below this may push the stock towards $30 Level.
  • AAPL TRIANGLE UPDATED
  • Reliance broke its important support of 919 and continue to search for a base to stand.
  • Lower high's and Lower lows are being made even in small time frame charts.
  • Bank nifty futures 15 Minutes chart in a triangle pattern
  • Breakout can give good direction.
  • Price is closer to the weekly support line
  • Support is around 5365 level. It is bearish now and close below 5365 level will change it completely in favor of bears.
  • So its an uphill battle for bulls. They have to close the week above the supporting trend line and move above 20 DMA next week.
  • Bullish IHNS possibility in daily chart does not exist now. Bulls need to find some other way to move up.
  • US DOLLAR HITS RESISTANCE LINE

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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