March 1, 2013

  • COPPER Weekly chart testing symmetrical triangle's support line.
  • Daily chart shows price falling to a support zone.
  • Daily chart also shows possibility of a Bearish "M". 
  • If price takes support near weekly triangle support line then an up move is possible thus invalidating the above bearish possibility. 
 
  • Resistance lines chart was posted yesterday and price moved up till first resistance line before falling. 
  • Now for the current fall price is likely to test the first support line were it may take support.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
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  • First chart shows a possible support line in daily chart.
  • Next two charts of 4 Hour time frame shows resistance levels that must be crossed if bulls are to make a bigger pull back.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
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  • ORACLE Weekly MACD lines about to give a bearish cross.
  • Weekly chart also shows Stochastic sell signal and price falling from crucial resistance levels. Bears need a close below 20 Week SMA for bigger falls to happen.
  • For now price is likely to fall towards the rising support line shown in last chart.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
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  • Equation is simple for nifty. Pause at 78.6% Fib level may result in a bounce.
  • Breaking below 78.6% Fib level may attract more selling towards 200 Day SMA or Weekly Lower Bollinger Band.
  • BANK NIFTY CHART ANALYSIS
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  • Weekly chart nearing up trend line.
  • Price also moving towards Weekly lower Bollinger band and 50 Week SMA.
  • Weekly close below 23.6% will favor bears.

  • SPX Weekly chart shows price forming another indecisive candle, Price is likely to remain a range for one or two weeks before breaking down.
  • Daily chart has given a Shooting star candle at the top of the range and price likely to test the lower end of the range.
  • One hour chart also made a bearish close towards the end of the day.



  • SPY First chart is the hourly time frame which shows the resistance levels between 152 - 153 area.
  • Other two charts are 15 Minutes time frame with trend line break and Fibonacci 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