February 21, 2012

CHART-II
  • QQQ Finding support at the cloud. Bears need a close below the cloud which may not happen today.
CHART-I
  • Breaking above 63.86 will help bulls to continue the prevailing trend.
  • Weakness below the support line, But a breaking will be possible only if price breaks below the cloud.
  • Gold daily chart with support at 1704 and resistance at 1763.
  • Price is moving up and may test the resistance level. For a bigger up move towards 1802 price has to trade above the golden ratio shown in second chart.
  • Weakness at golden ratio may give a correction towards the support levels.
  • MCX GOLD TRIANGLE PATTERN

  • Immediate support levels in hour chart is 23.% level break below this may take es towards 38.2% and 100 Hours.
  • SPY WEEKEND UPDATE
  • crude oil sustaining above the ascending triangle will help bulls of crude oil.
  • But price is still below the weekly resistance line.
  • Bulls of crude oil need to take price above the weekly resistance line for sustaining the up move. 
  • COPPER FIBONACCI LEVELS
  • Multiple resistance levels and a possible support line which may act as resistance is shown between the golden ratio and 78.6% Fib level. So this zone may give the much expected pullback for the bears of Bank Nifty.
  • NIFTY AND INDIA VIX ANALYSIS

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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