March 18, 2011

BIDU Triangle pattern

  • Bidu has a triangle pattern in daily chart.
  • Price is trading above 50 day moving average.
  • So a break in favor of bulls would be an easy long to take.
  • For bears Bigger gains can happen only if 50 dma gets broken along with the triangles support line.

ES Hour chart analysis

  • ES Near 200 hour moving average. Price has to close above this MA for further up move to happen.
  • Bulls manage to break the resistance line in hour chart. But further up move will be possible only if they manage to break above the 200 hour moving average.

Nifty Daily Analysis

  • Nifty's moving average is showing a bearish alignment.
  • 20 day moving average is approaching 50 dma. 
  • We had a similar event near 6000 levels. For this one to work perfectly Price should continue to stay below 20 day moving average.
  • Bears will get bigger gains once the trend line shown in weekly chart gets broken.
  • SILVER May Give a Bearish engulfing Weekly candlestick pattern