February 27, 2012

  • ES near the top of the range. candle shows good momentum for bulls. Price need to close outside the range for confirming a breakout. 
  • ES NEAR LOWER BOLLINGER BAND
  • QQQ Continue to get support from 50 Hour SMA and hourly cloud.
  • Sustaining above these two levels will keep the up trend intact.
  • QQQ TARGET FOR THIS UP TREND
  • Gold staying above 1763 will keep the daily up move intact.
  • For the day a short trade will be possible below 1761.
  • Up move will resume on closing above the hourly cloud.
  • SILVER WEEKEND UPDATE
  • Holding the trend line es may start moving up.
  • Breaking below the trend line may find support at 100 Period SMA or Lower Bollinger band. Trend will turn in favor of bears below these levels.
  • SILVER WEEKEND UPDATE
  • S&P 500 WEEKLY BULLISH CROSSOVER
CHART-II
  • Break below 804 has given a good short trade for bears. Stock is off the lows but if  Closing is below 38.2% it will still favor bears of reliance.
CHART-I
  • Reliance closing below 804 will favor bears. Closing below 38.2% means the stock may target 50% Fibonacci levels.
  • Bulls need an intraday rally to close above 804. Structure of the stock looks weak so its better to sell on rise till price stays below 20 Day SMA.
  • Today's price action also broke below the range which was developing around 200 SMA which is bad for reliance bulls.
  • PREVIOUS UPDATE ON RELIANCE INDUSTRIES WITH THE RANGE AT 200 SMA
  • Nifty has broken below important fibonacci level and 20 Day SMA. Bears need a daily close below 5322 for targeting 5250 levels.
  • closing the day above 5322 may lead to a bounce towards 20 Day SMA again.
  • Daily MACD and weekly stochastic are looking weak. Price closing below 20 SMA should extend the fall. Major support near 5250 which is the 50 Week SMA and below that 38.2% Fib level near 5200.
  • S&P 500 WEEKLY BULLISH CROSSOVER
  • SILVER WEEKEND UPDATE

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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