October 4, 2011

  • Gold ranging in a bullish rectangle pattern.
  • Trading above 100 Hour sma will favor bulls.
  • Falling below 1583 will be negative. 1532 may save bulls from a bigger correction.
  • Google Testing its support line in weekly chart.
  • Week closing below this support line will be negative for goog
  • If day shows reversal at the support line a long trade is possible.
  • MSFT Weekly chart with triangle pattern
  • Price is approaching the support line of the triangle.
  • Daily is still moving down and yet to show a reversal.
  • Reversal candles in daily chart near triangle support line may give a long trade.
  • NIFTY broke 4758 and took support @ 4728. Bulls need to sustain above 4822 levels for an up move to happen.
  • Break below 4822 gave good down move. Next level for bears to break below is 4758
  • Possible rounding Top formation in Nifty spot hourly charts.
  • Both bullish and bearish possibilities exist at this point of time.
  • Closing above 4910 will favor bulls.
  • Break below 4822 may give further correction in favor of bears.


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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