July 30, 2012

  • ES One hour chart sustaining above 50 Hour SMA and hourly cloud should favor bulls for a bullish consolidation breakout.
  • ES Daily chart shows crucial resistance at 78.6% Fib level which should be crossed for extending the current up move.

  • Weekly chart of bank nifty shows price contraction in a triangle pattern. A bigger move will happen once price breaks out of this pattern. Weekly chart has a sell signal which will be effective below 20 Week SMA and the support line of the triangle.


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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