September 15, 2012

  • Weekly candle has managed to close above 100 Week SMA with Volume increase.
  • Price has also managed to close above the weekly cloud after a long gap.
  • Next resistance level in weekly chart is at 10.1. This level must be crossed for extending the current up move towards 11 which is the next resistance area.

  • Bank nifty Weekly chart in a contracting pattern and closer to a breakout.
  • 2nd chart shows the targets or profit booking zones in case of a breakout.
  • Last chart shows price closing above 50% Fibonacci level. If the recent high of 10782 gets broken we may see an up move towards Golden ratio.

  • SPY 5 Minutes shows a bull flag pattern.
  • Price has fallen below the cloud of 5 Minutes. So intraday bulls need to get back above the cloud for continuing the trend.
  • 4 Hour chart shows a bearish Shooting start or an Inverted hammer candle. This one need price to follow up with a negative candle as confirmation of weakness.


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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