March 29, 2013

  • Weekly stochastic has given a sell signal.
  • Week has also given a bearish engulfing pattern. 
  • Next crucial support level in weekly chart is at 774. Before reaching there bears must close below the daily 50 Day SMA.
  • Blackberry daily chart shows a contracting triangle pattern.
  • Weekly charts shows the levels which bulls and bears must cross for bigger moves.
  • Bears must close the week below 20 Week SMA for a bigger fall to happen.
  • For bulls the Bearish Pin Bar at 100 Week SMA looks a strong resistance area. Bulls must close above 100 Week SMA for bigger up moves to happen.

  • Nifty bounces off 200 Day sma.
  • Weekly chart too shows price trying to stay above lower bollinger band. If the up move holds price may move towards middle bollinger band again.
  • Immediate resistance levels are shown in the Fib levels.

  • SPX Continues to break in favor of bulls.
  • No weakness in daily chart as price continues to move up in an ascending channel.
  • Last chart shows the next target at Upper Bollinger band 1575. Weakness on if price starts to trade below 20 Day SMA.


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"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