June 28, 2013

  • ES Trying to hold above 50 Period SMA in one hour chart. Weakness on price falling below this level.
  • 4 Hour chart too is stuck below 100 period SMA and Golden ratio. Up move will extend only if price is able to trade above these levels.

  • Bank nifty daily chart nearing 5 Day High EMA. This has acted as perfect resistance level to go short for the current down move. Now for  a pause or change in trend price must trade above this line.
  • Weakness below 11033 for a possible fall towards 10897.
  • Current fall is getting ready to give its sixth bearish weekly candle and price is close to crucial levels like 100 Week SMA and Weekly Lower Bollinger band Which may result in a bounce in the coming week.


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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