Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Monday, April 25, 2011

S&P 500 update --25th April 2011

Weekly Chart

Daily Chart

Weekly charts are forming a pennant which is a continuation pattern. So more chances of an upward breakout. Also a bullish engulfing pattern was formed. With two gap up candles on the daily and a closing high since the correction from 1344 which started in mid February, I would conclude that the bullish engulfing pattern indicates more bullishness to come.Daily macd has signalled a buy and the Rsi14 and stochastics show strength above the 50 line.

Trade long  with a stop at 1294.

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Happy Trading !!
Lakshmi Ramachandran

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