June 21, 2011

  • SPY Breaks the resistance line as discussed in the second chart.
  •  If price sustains above the breakout level next target is 130.40 level
  • SPY Hits the resistance line.
  • Price momentum is with the bulls so a breakout is likely to happen.
  • SPY Four hour chart with resistance line.
  • Price may reach 129.50 level.
  •  Further up move will be possible only if price sustains above the resistance line shown in the chart.
  • It looks like we will see 1300 before the close of day.
  • One of those Ascending triangle breakouts which worked perfectly.

  • Price hits 1292. 
  • Sustaining above this level will push price towards 1300.
  • SPX 15 Minutes chart with an ascending triangle pattern.
  • If price sustains above the GAP it will target 1292 and 1300.
  • Nifty weekly chart shows a bearish picture. 
  • Bears are showing multiple bearish pattern breakdowns like Head and shoulders, Descending Triangle etc. 
  • Bearish cross looks strong and will be intact as long as 20 week moving average is conquered by bulls.
  • Only bullish possibility that i can think of in the first chart is that of a double bottom formation for this to happen 5177 and 5195 has to be intact and before a bullish move can happen we might see range trading for one or two weeks. So for a bullish move to happen price has to consolidate here and it should not make new lows.


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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