August 22, 2011

  • Bulls are struggling below the hour cloud.
  • For a decent bounce to happen they have to sustain above the cloud. 
  • If Price stays here then numbers like 1121 will get violated.
  • 1145 and 1154 levels may act as resistance.
  • Four hour chart of platinum shows a beautiful up move of platinum in a channel.
  • Price is moving towards the upper resistance line shown in weekly chart.
  • This up move may target 1930 level were it may hit the weekly resistance.
  • Silver falling below 42.25 may favor bears of silver.
  • Price is showing a spike above the broadening pattern. 
  • If the spike does not sustain we may see an extended correction.
  • For bears price need to stay below 42.25.
  • For Bulls price should stay above 50 Hour moving average and 1132 levels for extending this bounce from 1111 levels.
  • Upper end of the range is 1153 Lower end is 1111 levels.
  • NIFTY 15 Minutes is showing a range of 5796 - 4893
  • Good up move can happen if nifty stays above the gap. So price should stay above 4932 levels.

  • Suzlon energy is closer to 2009 lows.
  • In 2009 stock reversed from these levels, Before reversal volumes were low. But stock is showing good selling volume right now.
  • So we have to see if the stock is able to take support at the previous lows or not.
  • Good reversal pattern with price sustaining above 5 day high ema may give good up move. Up move also has to take out 43.70 level which may act as resistance.
  • Breaking and closing below 33.05 will extend profits for bears of suzlon.


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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