June 24, 2011

  • SPY 5 Minutes chart with support and resistance levels.
  • Price will favor bulls if it stays above 127.49 and bulls will target 128.37 levels.
  • Falling below 126.62 will be negative and chances are 126.19 will be tested.
  • This down move of Crude Oil will target 85 - 86 level.
  • Weekly chart shows support between 85 - 86 level.
  • This level acted as resistance before and correction to this area is giving support for crude oil. Unable to hold this level will be very negative for crude prices.
BROADENING PATTERN 
UPDATED CHART
  • Broadening pattern of nifty has given good result for bulls. Nifty's Bulls got good help from the bullish engulfing pattern formed yesterday.
  • At this pace nifty should reach the previous resistance of 5604 soon.
  • NIFTY BROADENING PATTERN
  • NIFTY BULLISH ENGULFING
  • NIFTY and BANK NIFTY Daily line charts shows that on closing basis there are no major accidents for bulls yet.
  • For nifty the number is 5180 which should be captured by bears on closing basis. This level has not been broken on closing basis for quite sometime now.
  • Bank nifty too held above the support line shown here in daily chart. So If price holds the line this week we may see it starting to move up.
  • For Bank nifty the number to break on closing basis is 10430 - 10440 on weekly closing basis.
  • NIFTY BULLISH ENGULFING PATTERN

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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