This engineering company has formed a constructive price pattern at its current level of Rs386. After a bullish price reversal at the september lows, this stock formed a rising window pattern. In yesterday’s price action the stock successfully tested this support level and the stock got bid up. The larger price structure provides a price […]
Last week, the Dollar Index breached an important support, the 80-79.5 region (highlighted), negating one possible wave count for a stronger and higher USD. The markets seem to suggest that Ben Bernanke was not just merely using empty rhetoric when he said deflation will not be allowed to occur. The reserve currency is getting debased. […]
Yesterday’s drop in the S&P 500 below the breakout level of 1129 is once again looking like a failed breakout. As highlighted in my September 2nd post there have been 3 fake out’s since June already. And each of these fake out’s have resulted in a 6-8% move in the opposite direction. As highlighted in […]
Wall street: Money Never Sleeps is getting released in the US today. This is the third movie titled wall street. The first feature film was released in Dec 1929 and the second one ( Chart-buster starring Charlie Sheen and Michael Douglas) was released in Dec 1987. Strangely, markets saw a big crash in 1929 as well as in 1987. […]
The S&P busted through the resistance level at 1131 and in the process completed the inverse head and shoulder pattern. While conventional measuring techniques provide a price objective of 1250, it is another topic if the S&P can take out the April high of 1220 and would go all the way to reach this price objective. I […]
The readings on NSE India VIX are approaching extreme levels. Although they haven’t yet reached the most extreme readings since its inception but it is at its lowest readings on a closing basis. The current level of complacency is much more than it was during the January 2010 highs. As can be seen from the chart above […]
As a trader it’s very important that one remains open minded in the market to see the patterns and trends that are evolving. With the S&P surging to one of it’s sharpest gains in the last 2 month’s, I did try to take a view on markets like someone starting today on a clean slate. […]
As mentioned in my August 27th post, the Indian Rupee has hit the upper borders of the trendline and looking at today’s SGX Nifty at pre-open and early currency market moves, it may be moving along expected path. This is shown in the chart below: So if USDINR charts this path, the stock markets should […]