January 19, 2012

  • Dell likely to hit 16.63 before any weakness can be seen.
  • Closing above 16.63 will strengthen bulls of dell to extend this up move out of this triangle pattern

  • CISCO Weekly chart shows an up move with decreasing volume.
  • Price is approaching 100 Week SMA. Weekly chart is closer to the cloud top. These two levels may act as resistance. 
  • If the resistance levels mentioned does not stop the up move Cisco may target the 50% Fibonacci level.

  • Copper is testing previous support level which is 3.8090.
  • Staying above 3.8090 level will target the golden ratio shown in the second chart.

  • Hour continue to move up in a channel
  • Price is near resistance line of the channel.
  • Intraday correction possible below 4991

  • BANK NIFTY Week and Daily chart shows price near resistance levels. Day and week closing above these levels will give some more points for bank nifty.
  • The last chart shows that the up move will be limited. As RSI has reached the very overbought region, RSI is yet to turn down. When it starts to turn down we may see negative price action.


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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