July 17, 2011

  • Last week's up move on US Dollar was resisted @ its 200 DMA.
  • Ascending Triangle pattern is still intact.
  • First attempt to breakout of the ascending triangle was stopped by the 200 DMA.
  • Next attempt may be successful But if price dips below 74.405 then pattern will become weak.

  • SPX Weekly and daily chart shows a neutral to negative view going into next week.
  • Correction from 1356 is taking a pause now. Breaking last week's low 1306.51 will extend correction.
  • Daily close above 1331 will favor bulls for a retest of 1356 level again.
  • My new blog on Forex Market -FOREX TECHNICAL ANALYSIS
  • Nifty is still stuck in between 50 and 200 DMA.
  • But indicators like MACD are suggesting some weakness in daily time frame.
  • Price just managed to close below 20 week moving average.
  • If price continue to stay below 20 week moving average we may see an extended correction. 
  • MACD is about to trigger a sell. Bars have reached near zero. So if price confirms by breaking the recent low(5496) we might see good down move in favor of bears.
  • On the contrary if the low 5496 is held and 200 DMA is not broken then we might see another pause week without any major action.


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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