July 26, 2012

  • EURUSD 4 Hour chart shows an up move. But price will soon catch up with stiff resistance levels.
  • Immediate resistance near 1.2322 - 1.2334 zone. Above this 50 Day SMA in daily chart which has acted as stiff resistance for EURUSD.

  • ES One hour chart sustaining above 200 Hour sma will favor bulls.
  • Four hour chart moving above 50 period SMA has given good up moves in the recent past.
  • Daily chart shows price moving up from the base of the cloud.

  • Nifty hour moving down in a channel and below the hourly cloud.
  • An up move if happens should breakout above the channel and cloud to negate a fall towards the black support line shown in the daily chart.
  • Staying within the daily channel will make things easier for bears for completing the pattern.

  • Nifty's daily candle looks like a hammer candle not perfect though a perfect hammer candle will not have the upper shadow.
  • Day managed to close above 50 and 200 Day SMA. 
  • Week chart too is giving support at 50 Week SMA(5085).
  • For continuing the down move price has to break the daily cloud and 50 Week SMA. Daily stochastic looks oversold which may help bulls for a pullback provided price stays above the daily cloud.
  • S&P 500 EOD UPDATE

  • SPX Month chart shows crucial support at 1305 which is the 20 Month SMA.
  • Weekly chart looks negative to sideways move with 1325 as the breakdown number.
  • Daily chart is looking positive as price is finding support near 50 Day SMA and lower Bollinger bands.


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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