July 18, 2011

  • If the trend continues price may hit 200 DMA again.
  • for intraday price has found support @ 61.8% Fib level.
  • So further down move only if the Golden ratio is taken out on closing basis.
  • Closing the day below 61.8% will favor bears for a correction towards 200 DMA again in the coming days.
  • SILVER RISING WEDGE
UPDATED CHART
  • SILVER Negative divergence shown below has worked well for bears of silver.
  • Now the support may come around 37.80 level.
NEGATIVE DIVERGENCE
  • Possible rising wedge pattern in silver.
  • Pattern will be valid if the resistance line is not broken by bulls.
  • If today's high is not taken out we may see a correction towards the support line of the wedge.
  • Hour chart is also developing negative divergence.
  • If new high's are not made silver may start to correct soon.
  • ES TRIANGLE BREAKDOWN
CHART-III
CHART-II
CHART-I
  • ES continue to move inside the triangle pattern.
  • Price has given a whipsaw on the downside and back into the triangle pattern.
  • Price continue to stay below the cloud which favors bears. But for bears price has to close the hour below 1302 level.
  • For bulls price has to break above the cloud and sustain above 1315.50 level.
  • BULL FLAG OF GBPUSD
CHART-II
  • Nifty continue to stay below 50 Hour Moving average.
CHART-I
  • For bears they have to break and stay below 5563 level.
  • For bulls they should break above 50 Hour moving average. But for them the resistance line and 5653 level may act as tough resistance.
  • As of now both sides have equal chance. But price is close to the apex of a triangle like pattern. So nifty will take a clear direction soon.
  • NIFTY WEEKEND UPDATE
  • SBI is trading near its Resistance level.
  • Price is showing overbought readings for quite sometime.
  • If the resistance levels shown are not taken out soon we may start to see a correction.
  • NIFTY WEEKEND UPDATE

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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