November 24, 2011

  • Weekly chart of MSFT shows price approaching the support line of the triangle pattern.
  • If the current candle holds above the support line we may see an up move from the support line of the triangle.
  • Daily chart shows oversold stochastic indicator which may also result in a bounce.

  • NIFTY and Bank Nifty are closer to their channel bottom lines But to reach there they have to break some more serious support levels. So i don't think price will reach their without giving a pull back first.
  • If one see the bank nifty channel, price has halted on a falling support line as of yesterday. If this support line is held we may see an up move.
  • For nifty we saw price breaking below 4720 But yet to see big follow up selling. So if bulls manage to reclaim 4720 on closing basis we may see a bounce. Failing to close above 4720 will favor 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