July 25, 2011

  • 30 Minutes chart with a bearish pattern.
  • Price breaking the dotted line can give an up move towards the resistance line of the wedge.
  • Bearishness can only be seen if the supporting line of the wedge gets broken.
  • Dow Jones is forming an Ascending triangle pattern and a Double Top.
  • Considering the fundamental situation an ascending triangle is very likely to play out.
  • If Price gets support @ the rising trend line then we might see a breakout above 12750 levels.
  • Price not holding the support line and and breaking below 12296 will lead to a Double Top pattern.
  • LAST UPDATE ON DOW JONES - RESISTANCE @ 12750
  • The Gap Down Opening took price below 50 Hour moving average. But price did not test 200 Hour moving average.
  • Large correction may happen only if price stays below 200 Hour moving average.
  • 15 Minutes chart shows a bearish flag pattern. This one can go both ways an upper breakout may fill the remaining Gap and downside break may give 1323 level again.
  • S&P 500 WEEKEND UPDATE
CHART-III
  • Triangle breakout followed by Day high breakout has given good up move for intraday Bulls.
CHART-II
CHART-I
  • Nifty is getting resisted at the previous resistance level 5652
  • This level has to be taken out convincingly buy bulls for a larger up move to happen
  • Price staying below 5613 may favor bears
  • Click the charts to enlarge
  • Conclusion
  • It is strong above 5600 and stronger above 5650.
  • It is weak below 5600 and weaker below 5550.
  • BANK 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