January 22, 2014

  • Upper breakout from range and Ascending triangle means continuation of the larger trend.
  • For bears need price to break the rising support line and Range breakdown for a bigger fall to happen.
  • Upper breakout can target 1860 plus levels. Breakdown from the range may take price towards 1800 levels.
  • IBM CHART ANALYSIS
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  • EURUSD Daily chart shows the Bullish falling wedge pattern.
  • One hour chart shows price moving in a channel towards the resistance line of the wedge. Price is likely to get resist at the resistance line followed by a small correction and a breakout in favor of bulls from the falling wedge pattern.
  • Hourly close above the cloud will confirm the breakout from the pattern.
 
 
  • Bank nifty managed to close above 23.6% Fib level But yet to cross the 50 Day SMA which is crucial.
  • Weekly chart shows price nearing the crucial weekly cloud which has been acting as resistance level in the recent past. Bulls must do a weekly cloud break for a bigger up move to happen.

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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