October 14, 2011

  • Google is approaching its resistance line in weekly chart.
  • Second chart shows today's GAP. This gap may not get faded right away. Price may continue towards the resistance line and the correction from there may fill this GAP.
  • ES Daily is about to hit its 100 SMA
  • Price is trying to move above the cloud.
  • so for bulls price has to stay above the cloud and 100 SMA. Closing the daily candle above the cloud and 100 SMA will lead to a sustained up move.
  • For bears price has to fall back into the cloud and break below it.
  • Trend line shown in yesterday's post has managed to stop bulls of nifty
  • But For bears 50 SMA is a big problem. If price manage to stay above it then bulls will manage to take prices higher.
  • Week high ema is important for bears. Closing the week above week high ema will lead to continuation of this up move.

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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