Sunday, August 14, 2011

Resistance levels

I haven't been able to update the blog for quite a while and my apologies to you readers for the same. But a change of jobs during the course of the last couple of weeks accompanied by computer troubles have meant that I haven't had much time for trading lately. I understand that I have missed out on quite a bit of excitement during this time period :-).

Before moving on to the charts, let's get one thing clear. Despite some late relief late in the week, the bears are very much in control. Also, these are still news dominated markets, so be prepared for volatility and position yourself accordingly. 
Here are the upcoming resistance levels considering various time frames. 
15 minute chart - Resistance at 1188 and 1212.

Daily chart - Resistance at 1200.

Weekly chart - Resistance at 1220.

I will be back later in the day with both long and short setups to watch out for next week.

Take care and good luck!

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