August 17, 2012

  • Google weekly chart shows price moving towards its long term resistance line.
  • Hour charts shows price trending up above 20 Hour SMA and the up trend line. Possible weakness only if price starts to trade below 20 Hour SMA and the support line.

  • First chart is ES Daily time frame which is near resistance levels.
  • Weekly chart shows price near upper bollinger band
  • Last chart shows price moving towards major resistance line which might stop bulls from moving up further. This chart will be effective only on closing basis so intra week violation of the resistance line is possible.

  • CISCO Weekly chart moving towards resistance line.
  • 2nd chart shows weekly breakout attempts failing at 200 Week SMA. Last 3 attempts to stay above this line has failed we might see the fourth attempt during this up move.
  • The Island reversal pattern in daily chart may help bulls to extend the up move till the resistance levels or above it.

  • BANK Nifty Daily in a contracting triangle pattern
  • Weekly chart shows price resistance at 5 Week High EMA. For bulls need a weekly and daily close above the resistance levels.
  • Bears need to break the crucial support at 50 Day SMA.

  • CNX IT Weekly and daily chart near resistance levels.
  • For bulls to continue this up move they need a weekly and daily candle to close above these levels.
  • A bearish weekly candle could give a shorting opportunity.


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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