July 2, 2011

  • From the above charts the conclusion is that price is moving towards 1370 level.
  • Next small hurdle in daily chart is 1344. Above 1344 price will test 1370.
  • Weekly stochastic is favoring bulls. Stochastic in daily chart is highly overbought which can result in a correction.
  • As long as 1300 is protected on closing basis by bulls price will continue to move up.
  • Nifty after breaking out above 5604 is giving confusing signals.
  • But the above charts suggest a trade between 50 and 200 Day Moving Averages. 
  • A bigger move can be expected when either of these levels get violated.
  • For levels one should watch out 5604. If price stays above this level Bulls are clearly strong. They should cross 200 DMA @ 5750 and head higher.
  • Closing below 5604 will favor bears.
  • AMAZON Weekly chart with its resistance line
  • Price will it this line if it gets to about 211 level  next week.
  • Weekly candle shows good upward momentum. But if price is to go up this line should be broken.
  • Price stalling at the trend line can be used to go for a short trade.


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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