August 31, 2011

CHART-III
CHART-II
CHART-I
  • ES Five minutes in a triangle pattern.
  • We may get a short trade because of the resistance line in bigger time frame shown in the previous post.


FOUR HOUR CHART
FOUR HOUR CHART
  • ES Hits the resistance line in hour chart.
  • Price is also facing 200 Period moving average in Four hour time frame.
  • So price may take a dip here before moving up again.
  • Price in daily chart has hit the upper bollinger band mentioned in the earlier post of es.
  • ASCENDING TRIANGLE OF SILVER
 
  • ES Hour chart shows support levels at 1201 and 1193
  • 50 Hour moving average may also act as support.
  • Price in daily chart is moving towards the upper bollinger band
  • Hour chart also shows a possible resistance line. If price moves up this resistance line in hour chart and bollinger band in daily time frame may act as resistance. So resistance will be around 1229 level approximately.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • ASCENDING TRIANGLE OF SILVER
  • If it is going to be an upper breakout which is what ascending triangles tend to do, then price should sustain above 200 Hour moving average
  • Second chart shows price getting resisted at 200 Hour moving average.
  • If price continues to get resisted we may see a breakdown from this triangle pattern in favor of bears as well.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • Weekly and daily chart suggest that we are into a resistance zone between 1219 - 1227 area.
  • Daily candle that has appeared on SPX looks slightly doubtful for bulls. But no worries for bulls as long as 20 DMA is protected.
  • Hour chart too looks good as price holds above 200 Hour moving average. Except for the price action of the final hour which looks like a shooting start pattern which may be slightly negative. But if price correction holds above 200 hour sma then Bulls should be fine.

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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