December 5, 2011

CHART-II
  • Price is not sustaining above the resistance line It is testing the Cloud again.
  • One should also note that Price is forming a range around the 200 SMA in daily, so breaking the major high and low in hourly time frame on closing basis may give good direction
CHART-I
  • Correction in hour chart has been supported by hourly cloud till now.
  • For bulls the marked resistance line has to be taken out.
  • Correction from here and a retest of the cloud may turn things in favor of bears.
  • SPY WEEKEND UPDATE
COPPER 30 MINUTES CHART
COPPER DAILY CHART
  • Copper Hour chart is showing a range after the breakout. 3.5013 is the crucial support and Resistance at 3.7398
  • If price manage to breakout of this range then it might target 3.7398 levels.
  • Price has given a breakout above the resistance line in daily chart. Any pull back may take support at this line.
  • SPY WEEKEND UPDATE
  • SBI is trading above its 50 Day moving average which is good for bulls. But price is about to test the resistance line in weekly chart and the 20 Week Moving average.
  • Earlier the up move was started by a perfect hammer candlestick in weekly chart. Now if it is to continue price has to breakout and sustain above the resistance line and Middle bollinger band. Any weakness at the above mentioned levels will be an opportunity to go short.
  • NIFTY WEEKEND UDPATE

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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