August 2, 2011

  • SPX about to hit the support line of the weekly wedge.
  • Price staying below 200 DMA.
  • If price gets support at the weekly trend line we will see a good bounce from this level
  • Breaking the support line will favor bears.
  • Range Breakdown has given good profits for bears.
  • ES 15 Minutes is showing a range of 1266 - 1285 with 1275 as the middle point.
  • Breakout or breakdown may give good direction.
  • Nifty hourly trend analysis
  • price is staying below 50 Hour and 200 Hour moving average.
  • Price staying below 50 Hour moving average will help bears to push prices down.
  • Things will favor bears till price stays below 50 Hour moving average.
  • Click the charts to enlarge.
  • 30 Minutes chart shows a smooth down trend in progress.
  • Price closing above 50 period moving average in this time frame or cloud breakout can change the trend.


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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