July 10, 2013

  • Price has broken the resistance line of weekly triangle pattern. 
  • Second chart shows resistance levels or Immediate targets for this breakout.
  • Hour chart continue to move strong above the cloud. Weakness only on price falling below the hourly cloud.
  • First chart shows price moving towards falling resistance zone. Price continues to trade below 50 period SMA in four hour chart.
  • Daily chart shows price at make or break levels. If the above mentioned resistance levels are not taken out soon a breakdown looks possible.
  • ES CHART ANALYSIS
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  • APPLE Daily chart shows a bullish Engulfing pattern which will be effective only on price closing above 423.5 levels today with High Volume
  • Price has managed to close above 20 Day SMA. Sustaining above this line will help bulls to move higher. Weakness on price trading below this level.
  • One hour chart shows price still in a range. Any weakness near 423 levels may lead price lower towards range bottom.
  • ES CHART ANALYSIS
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  • ES 4 Hour chart shows price testing crucial resistance area between 1645 - 1650.
  • Hour chart shows immediate support and resistance levels.



 
 
  • Bank Nifty daily chart is trying to move up after forming a Hammer Candlestick pattern. But price has to cross 5 Day High EMA and 20 Day SMA on closing basis for a bigger up move to happen. Unable to cross these levels may lead to weakness.
  • Weekly chart is trying to form  a base, Here price has to move above the weekly cloud soon to avoid a bigger fall. 
  • Weekly stochastic is looking good, Price has to make a Higher Close for a bullish cross on stochastic to happen. Reversal is yet to confirm for this setup.

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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