March 28, 2012

  • SPY Hour testing important trend lines and support levels.
  • Closing below 100 Hour SMA and the hourly cloud may extend the fall.
  • Getting support here may result in an up move towards 140.50 levels.
  • Breaking these two levels may target 138.50 area.

  • Levels discussed below has broken, price moving towards golden ratio.


  • ES Hour chart approaching 200 Hour SMA and 50% Fibonacci levels.
  • This level may give a bounce.
  • If these two levels does not hold ES will fall towards the golden ratio.

  • Crude oil near the rising trend line and 50 Day SMA.
  • These two levels may act as support for an up move.
  • Correction only if daily candles close below these two levels.

  • Google month chart is nearing its resistance line.
  • Daily is yet to show weakness. Price if gets resisted at 78.6% and closes below 10 Day EMA may result in a correction.
  • Hour chart too looks strong for the bulls. Price continue to trend up above 50 Hour SMA and the hourly cloud. Weakness only if price starts to trade below 50 Hour SMA.

  • CNX IT is holding above 50 Day SMA.
  • Price if bounces from the cloud should result in an up move.
  • Daily close above 20 SMA may confirm a breakout.
  • Weekly chart shows rising support levels which may resolve on the up side.

  • Bank nifty price near the apex of a contracting pattern should give a breakout or breakdown soon.
  • Lower bollinger band and 200 SMA may act as strong support.
  • Close above 20 Day SMA should result in a breakout.
  • Weekly support and resistance levels too is holding 

  • EURUSD has broken out of the inverted head and shoulders and is moving into a stiff resistance zone.
  • Break above 1.3385 should take price towards the 200 SMA and the resistance line. Daily candles need to close above these levels for EURUSD to continue the current up move.
  • Falling below 1.3280 will favor a bearish trade on this pair.


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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