January 16, 2012

  • For bulls of copper triangle breakout has given good gains.
  • First resistance level shown last week in CHART-II is taken out by bulls and now if last weeks high gets broken price may hit the second resistance level at 3.7398.

  • Contraction continue in four hour chart.
  • One hour chart shows bulls staying above 50 Hour SMA with a bullish cross.
  • Weakness only below 4800 and 50 Hour SMA.
  • Bigger correction may happen once price falls below the support line shown in four hour chart.

  • ICICI Bank Hour and 30 Minutes chart with 50 hour SMA, Channel and support level.
  • Price trading below 771 and 50 Hour SMA will be negative.

  • SBI has given a bearish daily candle. Price is closer to its 100 Day SMA and Golden ratio So chances of a correction is high from the current levels. Even if price moves up it has to close above the ichimoku cloud for a sustained up move to happen. Weekly chart is also closer to the middle bollinger band. 
  • So in short SBI is giving negative signs close to resistance levels. But there is no breakdown yet. Price is trading well above its 5 Day High EMA so one shall wait for a close below 5 day High Ema to happen.


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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