July 13, 2011

CHART-II(UPDATED)
  • Falling wedge which was discussed below has given the breakout But price is pausing near the resistance level. Any up move from here will happen only if price break above 1333 level.
CHART-I
  • Falling wedges is a bullish pattern
  • But if price stays below 50 period moving average things will favor bears.
  • Staying above 1327 will favor bulls for an up move.
  • ES 30 Minutes chart with resistance levels.
  • 38.2% and 50% Fib levels are acting as resistance levels.
  • Price not able to sustain above 1320.70 level. Above this level major resistance is at 1330 level.
  • SPX ANALYSIS AFTER CLOSING BELL
  • Nifty looks like moving out of a cup and handle pattern in 5 minutes time frame
  • GAP gets filled @ 5601.
  • And as discussed in the earlier post nifty has good resistance till 5625 levels.
  • 2nd chart shows the GAP and 38.2% Fib level which may act as immediate resistance.
  • First chart shows the same GAP and the broken support area 5605 - 5625 which might act as resistance.
  • If these levels does not hold then that means bulls are strong. Closing above the broken support area will give us a clue.
  • One more thing to note is that we are moving up from 50 Day Moving Average. 
  • Bearish patterns showed @ 200 DMA has given good results.
  • Among the pack CNX IT has broken the 50 DMA and looks the weakest.
  • AAR VEE has done a good updated on NIFTY CLICK HERE TO SEE HIS CHARTS
  • First chart is SPX daily time frame with 50 Day Moving Average.
  • Price has broken and closed below 50 DMA.
  • So correction may extend towards 1296 - 1297 level which is the Golden ratio for this move. And 200 Hour moving average is situated around here. So we may see price turning up again from these levels.
  • EURUSD gave a triangle breakdown 
  • Price took support at 1.38 levels and the reversal may take price to the support line of the broken triangle.
  • Bigger falls for the pair is likely to happen only if 1.3836 level gets broken again.

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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