November 14, 2011

CHART-II
  • Break below 38.2% gave 50% level. Hour is oversold so price may give an up move from here or from 61.8%(Golden Ratio). 
  • Bounce from these levels will have to trade above 50 Hour SMA for bigger gains to happen.
CHART-I
  • For bears ES should close an hour below 38.2% Fib level
  • 50 Hour SMA too is acting as support as of now.
  • Holding this level bulls may try an up move towards the resistance line of the triangle.
  • Breaking this level will favor bears.
  • GBPUSD SUPPORT LINE



  • One hour chart shows price near 50 Hour SMA which should save bulls from a deeper correction.
  • Four hour chart shows price nearing the middle portion of the triangle pattern.
  • If a turnaround has to happen it should happen from 50 Hour SMA.
  • S&P 500 TRIANGLE UPDATE
  • GBPUSD SUPPORT LINE
  • ES Four hour at the resistance line of a triangle pattern.
  • Risk reward ratio favors a short trade.
CHART-II
  • Bears are testing the support line of the triangle.
  • Nifty closing below 5140 - 5145 level will favor bears. Anything above that may give opportunity for bulls.
  • S&P 500 FUTURES CHART UPDATED
CHART-I
  • Nifty four hour chart is showing a possible triangle pattern
  • price is right in the middle of the triangle with bullish and bearish possibilities.
  • Similar Triangle in S&P 500 Futures chart shows price testing the resistance line, will update the chart later.

  • Important resistance level for nifty in weekly chart is 5336 level which is the 38.2% Fib level.
  • Support is near 5140 level.
  • Daily stochastic and MACD are looking weak. Up move from here may give negative divergence which can be used for safer short entries. 

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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