July 13, 2012

  • Bank of America Daily chart shows price contraction which should result in a big move soon.
  • Presence of 200 Day SMA should favor bulls for an upper breakout.
  • Weekly chart shows middle bollinger band as crucial resistance point.

  • ES One hour moving into resistance levels.
  • Hourly cloud and resistance line should favor bears for a pullback.
  • Four hour chart shows price getting support near 200 period SMA. If the resistance line of the channel is unbreakable we should see a bigger fall below 200 period SMA.
  • Bulls need a channel breakout for a long trade towards 1355 levels again.

  • If the Rising wedge performs well it may lead to a diamond pattern which should give a correction towards the support line of the diamond pattern.
  • If the wedge fails to perform Diamond may not happen or we have to redraw the pattern.
  • For bears they need to stay below 20 SMA and the GAP area shown in above charts.

  • Infosys daily gives another GAP.
  • Price falling from a bearish flag pattern.
  • Weekly support near 2160 has to be broken by bears to extend the fall. Price sustaining above 2161 should give an up move for the stock.


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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