August 11, 2011

  • Weekly chart of crude oil shows good recovery from 75 levels.
  • Price staying above 82.88 will be safe to stay long.
  • Targets for this up move are 86, 88 and 90 Levels.
  • Price falling below 82.88 will favor bears of crude oil again.
  • GOLD CHANNEL BREAKDOWN
  • AAPL and GOOG Daily chart is trading above 50 Day Moving average.
  • If this Moving average holds we might see good up move for these stocks.
  • Good correction if 50 DMA gets broken on closing basis.
  • GOLD CHANNEL VIOLATED
CHART-II
CHART-I
  • Hour ascending channel has been violated.
  • Price has to stay below 50 Hour moving average for bears to extend profits.
CHART-II (UPDATED)
CHART-I
  • ES Bulls not able to stay above 50 Hour moving average.
  • For a meaningful up move to happen price has to sustain above 50 Hour moving average.
  • Price falling below 1103 will be a shorting opportunity.
  • If 1103 is held an up move towards the channel resistance lines is possible
  • Nifty hour is near 50 Hour moving average So we might see volatility increasing again
  • 5 Minutes range might give us clue to which side this is going to breakout.
  • 9920 Levels was acting as resistance in 2010.
  • This level is giving support as of now.
  • If This week candle closes above 9920 we might see decent bounce in major banking stocks.
  • CNX IT Weekly chart is near it support level.
  • Price has not shown any strong reversal signal yet.
  • Support area is between 5400 - 5500 We have an important Fib level support too in this area.
  • If this level breaks on weekly closing basis then it will be negative for IT stocks like Infosys and TCS.
  • GOLD TRIANGLE UPDATE
  • BANK NIFTY CHART
UPDATED CHART FROM BELOW
  • GOLD reached $1800 after its triangle breakout mentioned in the below chart
  • Hourly triangle pattern of GOLD.
  • Breakout on the upside will extend gains.
  • Break of support line may give 1718 levels.

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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