April 10, 2012

  • Price breakdown below the support line. consolidation near 200 Hour SMA may lead to a bounce. Sustaining below 200 Hour SMA will favor bears.

  • QQQ Hour in a falling wedge pattern.
  • 2nd chart shows price nearing 200 Hour SMA. For bulls price has to sustain above this level in order to avoid a bigger fall.
  • Bullish reversal must trade above the hourly trade for a bigger up move to happen.

  • Nifty weekly chart shows crucial support zone between 5135 - 5205 levels. Weekly middle Bollinger band too is at 5130 levels.
  • Weekly MACD is getting ready for a sell. For bulls price has to sustain above 5 Week High ema Which is at 5353 levels For avoiding a bigger correction.


  • For bulls price need to sustain above 50 Day SMA and the trend line shown in 2nd chart.
  • 1370 was the previous resistance level in weekly chart which may act as support now. Bears need a close below this level to extend the fall towards 1350 levels.
  • A bullish candle near 50 SMA should help bulls to continue the up trend again.


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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