July 2, 2012

  • Broadening formations give good swing trades.
  • Next trade could be a high probability short with 200 period SMA and the resistance line as shown in the second chart.
  • One hour chart shows 200 Hour SMA giving support. For bulls of silver this level should be protected. Falling below this level on closing basis should favor silver bears.

  • ES Approaching possible resistance line in four hour chart.
  • Daily chart is sustaining above crucial support levels like 100 Day SMA and Horizontal support line. 
  • Beast scenario for bears would be to get resisted at the resistance line shown in four hour chart and a fall below the support levels shown in daily chart.
  • Bulls will be stronger on trading above the resistance line shown in the first chart.

  • JP Morgan daily and weekly charts struggling to cross crucial resistance levels.
  • Daily and week chart has to sustain above its 50 period SMA to confirm a breakout. Sustaining below these levels will result in a down move. Breaking below 34.64 will extend the fall from 50 day sma.

  • BAC at 100 Day SMA and weekly middle bollinger band.
  • Crossing the above mentioned levels especially the 100 Day SMA on closing basis should push the stock towards golden ratio and more. 
  • Getting resisted at the current levels will be negative and price may fall back below 8 levels.

  • Nifty weekly line chart suggests next crucial resistance level between 5360 - 5380 on weekly closing basis.
  • Third chart shows price closing above the golden ratio and looking good to move towards the next fibonacci level.
  • For bulls price should sustain above Middle bollinger band 5197 and the support resistance zone 5180 - 5200 to target for higher targets.
  • India VIX weekly line chart is nearing crucial support level which may be able to stop bulls from bigger targets. For now price action favors bulls so stay long.


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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