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 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 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.


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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