My blog Analyses the trend and patterns of stocks, Futures, Commodities and Forex Markets
August 9, 2011
Descending Triangle of SILVER
- Silver may give a short trade below 37.77.
- Above 39.61 and 40.38 long trades are possible.
- Since its a descending triangle short trades are preferred.
- S&P 500 ANALYSIS AFTER CLOSING BELL
S&P 500 Futures Trend update
- Today's up move is halted near 50 Hour moving average.
- Bulls need to make another attempt to break above the 50 Hour moving average.
- Price need to stay above 50 Hour moving average and cloud for the trend to change.
- As long as price stays below the cloud it is sell on rise.
- S&P 500 ANALYSIS AFTER CLOSING BELL
NIFTY Broadening pattern
- Nifty today started Moving up without hitting the support line shown in chart.
- It would be better for bulls if price comes back to hit the support line and then gives an up move. Then we may see a bigger up move then what we saw today.
- But there is no guarantee that price will hold this line if it comes back. We can try a long trade if we see reversal from this line like what we saw today.
- Breaking this support line will favor bears.
- NIFTY AND S&P 500 FUTURES 5 MINUTES CHART
NIFTY 5 Minutes Chart
CHART-II
- Click the chart to enlarge description given in chart.
- S&P 500 FUTURES CHART
CHART-I
- NIFTY near yesterday's Low which is 5054.
- Holding above this level may extend the recovery.
- This level may act as resistance as well.
NIFTY Daily Analysis
- Pattern breakdowns from weekly time frame can give explosive moves. That's what we are witnessing.
- In weekly chart price is moving down from 23.6% Fib level to 38.6% Level.
- It will be difficult to predict a bottom for this move. Next likely level may be between 4775 - 4800 level.
- Those bears who are about to get good profits should book some profits. Since price is falling fast we are likely to see quick up moves as well.
- We Saw one of the worst days in Wall street's history as far as points goes yesterday night. Dow Closed 634 points down which was the 6th worst day in its history. See the EOD analysis for S&P 500 in the below link.
- S&P 500 ANALYSIS AFTER CLOSING BELL
S&P 500 Analysis after closing bell
- Bears are inflicting as much pain as possible.
- They have violated important weekly levels (200 Week Moving average and Cloud support in weekly chart) as shown in first two charts. Last time these levels were broken back in 2008.
- Next hope for bulls is the 38.2% Fib level were this index may take a pause.
- 30 Minutes chart shows that every small bounce is being sold off.
- ES DESCENDING TRIANGLE UPDATED
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