April 17, 2012

  • QQQ one hour chart moving towards the resistance line of the channel.
  • Four hour chart shows 50 period SMA which may act as resistance.

  • ES Four hour chart is still below the resistance line.
  • Four hour chart also shows a bearish cross. So bulls must break and stay above 50 and 200 period SMA for negating the effects of bearish cross.
  • Crossing 50 period SMA may give an up move towards 200 period SMA.

  • Crude oil daily chart in a falling channel.
  • Corrective phase will end only if price is able to stay above 50 SMA as shown in second chart.

  • Nifty one hour near 200 Hour SMA and Range Top. Price closing above 5306 will favor bulls. 

  • Nifty is yet to breakout above the falling resistance line.
  • Price also has to stay outside the range in the shaded area for a bigger move to happen.

  • Hour chart shows resistance in the form 50 and 200 Hour SMA
  • Nifty daily closed below 20 Day SMA again. Closing the day above 20 SMA should give momentum for bulls to move up.
  • Volume is decreasing day by day. Price and volume increase from the current levels should give good direction.
  • Month chart shows an ascending triangle. If price stays above the resistance line of the channel we may see the resumption of the up move. Price falling into the channel is negative and a retest of the up trend line is possible.
  • S&P 500 EOD UPDATE

  • Price made another attempt to stay above 50 Day SMA and failed.
  • Price is in the middle of a range between 1357 and a cluster of resistance on the upper side as shown in above charts.
  • Four hour chart also shows a possible bullish pattern. But price staying below 50 Day SMA will continue to give hope for bears for a possible breakdown.


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My Favourite Quote

"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