July 6, 2011

US DOLLAR WEEKLY CHART
  • Possible reversal pattern developing in weekly chart of US Dollar.
  • Resistance level is around 76.59.
  • Price is staying near the resistance line from the high of 88.90. So Dollar has to break above this resistance line for it to do a successful breakout from Ascending Triangle pattern.
CHART-II
  • Price broke the support level of 133.39 and made a low of 133.11.
  • further fall only if day low (133.11) gets broken again.
CHART-I
  • SPY has been getting support near 133.39 level. 
  • Resistance is at 134.10 level.
  • Price will be in a range until this level gets resolved.
HOUR IN A CHANNEL
DAILY CHART
  • 2475 - 2500 level acted as support for SBI as shown in daily chart.
  • This level may act as resistance now.
  • CRUDE OIL - BULLISH PRICE ACTION
  • Nifty support level in 15 Minutes chart.
  • 5605 - 5612 has been tough to break. Bears may be able to extend gains if this level gets broken.
  • HDIL daily chart is trading in a triangle pattern.
  • Price may move towards the bottom support line soon.
  • Since price is trading near the apex of the pattern we may see a breakout in 1 or 2 weeks.
  • Price is below 200 DMA so a breakdown of the triangle may give a good short trade.
  • Breakout above the resistance line can take price to its 200 DMA.

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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