June 12, 2012

  • EURUSD Four hour chart shows support near 1.2434 - 1.2448 level.
  • Ichimoku cloud of this time frame too is acting as support.
  • Breaking this level on closing basis may resume the larger trend.

  • ES Hour is getting support at 200 Hour SMA.
  • Breaking the support zone and 200 Hour SMA will extend gains for bears
  • ES hour cloud may act as resistance.

  • Nifty unable to sustain above the levels mentioned yesterday. which are 50 and 200 Day SMA. Week candle was unable to sustain above 50 Week SMA.
  • Price is unable to sustain above the falling resistance line. Crucial resistance if the up move continues is around 5160 - 5190 level.

  • SPY clearly shows a big bearish engulfing pattern But for SPX the pattern is not perfect.
  • Price got rejected at recent swing high and closed below 20 Day SMA.
  • For now price is forming the right shoulder of an IHNS patter. But for bulls it will be better if price trades above 1291


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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