September 20, 2011

  • SINA CHART-I Was posted on 14th of this month. has given good gains for bears of this stock.
  • Price is moving towards the support line of the triangle pattern.
  • This fall should take SINA below 90 levels in the coming weeks.
  • Hour of SLV in a falling wedge pattern.
  • A bullish reversal pattern for it to work price should break and sustain above 39.84 levels.
  • Falling below the support line will favor bears of SLV.
  • QQQ Hits resistance line. Shown in four hour chart.
  • Stochastic indicator is showing overbought readings.
  • Price breaking below the dotted line may give an extended correction for bears.
  • Price closing and sustaining above the resistance line will negate the bearishness, in that case this indicator will stay overbought and price will continue to move up.
  • 50 DAY SMA is acting as support on closing basis. Daily candles are managing to close above this level for now.
  • Important high and low in four hour chart is 1827 and 1762. Violating these levels on closing basis may give good direction for GOLD.
  • RIL Futures having crossed 849 is moving towards next resistance level at 858.
  • Resistance levels at 849  and 858.
  • Reliance futures in a consolidation pattern.
  • Price may give good move once this pattern gets resolved.
  • Triangles are known for whipsaws. Good volume increase during breakout may give a bigger move.
  • Nifty has to close above the resistance line of the diamond pattern for continuing this up move.
  • Next resistance level for bulls to cross is 5174
  • Price moving towards the resistance line of the diamond pattern.
  • if hour sustains above 5070 level price may hit the upper resistance line.
  • We may see bigger movements once this pattern gets resolved.
  • Weekly chart shows bullish candlestick and Positive divergence.
  • But Daily chart is still under pressure from Channel and 20 Day Moving average.
  • So if somebody wants to buy a call option of SBI he should see that price closes the day above 20 DAY SMA for bigger gains.
  • Weekly bullishness may not help a day trader. So this thing may move up only if daily technicals turn bullish.
  • If channel and 20 SMA is not broken soon then we may see another sell off.
  • ES not able to close above 50 hour moving average.
  • For bulls price should sustain above this level for an up move to happen
  • For bears staying below this level will attract selling soon.
  • USO has given a breakdown.
  • Price closed below the trend line, If it sustains at these levels and move below 32.89 we may see good correction in USO.


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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