June 20, 2011

  • SLV Hits the resistance line which was discussed below.
  • Now price is not showing enough momentum to breakout above the resistance line.
  • Break below the dotted line can be used to go short. 
  • SLV Hour chart with the channel.
  • Price is moving up towards the resistance line.
  • Price staying above the dotted support line will favor bulls. Bigger up move will be possible only if the resistance line gets broken.
  • GAP at 36 level will also act as resistance.
  • Today's fall took support at the bottom support line of the broadening formation.
  • If today's low hold nifty may move up towards 5400 that is the 50% retrace of the fall from 5604 to 5195 which is today's low.
  • Nifty, SBI and Reliance has made good recovery from days Low.
  • We have about 4 Hours of trading left so its tough to say if the recovery sustains or not.
  • If they sustain we might have seen the lows for this expiry.
  • 5350 Level will act as resistance now.
  • Nifty daily chart with one big descending triangle pattern. Break and sustain below last weeks low can give good profits for bears.
  • But one also has to see the weekly chart which shows good support around this level. So if this level holds we may see an up move. and Up move will result in a big breakout if price manages to break above the Resistance line of the Triangle pattern.
  • Last chart is the weekly one which shows price hitting an important trend line, We have to see if this one holds this week or not.


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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