November 22, 2012

  • Price sustaining above 200 Day SMA and Testing 20 Day SMA.
  • Previous support zone of 140.13 - 140.39 may act as resistance.
  • Above these resistance levels of daily chart price may test the Weekly Middle Bollinger band.

  • Daily charts shows IWM near resistance levels.
  • Price near 20 and 200 Day SMA. Just above 200 SMA there is a falling resistance line.
  • Weekly chart shows price getting support at 38.2% Fib level and moving towards 23.6% Fib level. 50 Week SMA too may act as resistance.


  • Bank nifty daily chart shows a contracting pattern which may give a bigger move.
  • Price testing 20 Day SMA after getting support near 50 Day SMA. Bulls need price to sustain above these two levels for a bigger up move.
  • Weekly chart still shows price inside the 9 Week old range. until price closes outside the boundaries of this range its better to trade the range.

  • First chart shows price retesting the breakdown level of the bearish pattern.
  • If price manage to sustain above 20 and 200 SMA then it could move towards the falling resistance level of the drawn pattern.
  • QQQ Daily chart near 20 Day SMA.
  • 4 Hour chart shows price testing the falling resistance line.
  • For a bigger pullback price must close the day above 20 Day SMA.
  • Next fib resistance of 38.2% Near 64.85 levels.


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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