March 14, 2013

  • EURUSD Bounces from 200 Day SMA.
  • 4 Hour charts shows the down trend still intact. Price must trade above the down trend line and the 4 Hour cloud for reversing the trend.

  • ES 4 Hour chart shows an ascending channel and price moving towards the resistance line of the channel
  • One hour chart shows a possible support zone. Weakness only if price starts to trade below the shaded area.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
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  • Daily chart shows a range an unfilled GAP.
  • Range is at 78.6% Fib level So bulls need a weekly close below the range and 78.6% Fib level to weaken the uptrend.
  • Last chart shows Weekly RSI near overbought levels But indicator is yet to hit a resistance line. So price may continue to move up till the indicator hits and reverses from the resistance line.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
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  • 4 Hour chart shows a possible target of 5970 to complete the Inverted head and shoulders pattern.
  • Price is also approaching possible resistance levels as shown in the next two charts. Crossing these levels price may test 5970 levels.


 
  • Nifty closes below the cloud. Price sustaining below the cloud may lead to a bigger fall.
  • Daily chart is testing support levels. Weakness from golden ratio has taken Nifty to 38.2% fib level. Price is also at 20 Day SMA. These two levels must break for the down move to continue.
  • AIRTEL HEAD AND SHOULDERS
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  • Daily chart of Airtel shows  a bearish head and shoulders pattern
  • Stock has immediate support at 307 levels. Below 307 price could fall towards 200 Day SMA or 291 levels. Immediate resistance at 327 and 50 Day SMA.
  • Stock has to break the crucial 200 Day SMA if the bearish pattern is to play out.
  • SPX Daily chart shows the bullish structure intact as price continues to move up inside the channel. Shallow corrections are followed by bigger up moves.
  • Now weekly chart is showing overbought structure but yet to trigger a fall. Weekly RSI Falling below 70% line should give another dip in weekly chart.
  • 4 Hour chart shown with support and resistance lines.
  • 4 Hour chart also shows negative divergence with price and MACD Histogram.
  • Hour chart shows price testing Hourly cloud. Price sustaining below the hourly cloud may result in a bigger fall.

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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