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Old 17-03-2011, 10:07
GIGFX GIGFX is offline
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Join Date: Feb 2011
Posts: 129
Default Thursday 17th of March 2011 GIGFX Daily Technical Analysis Report


During yesterday trades, the pair failed to break the resistance level 1.4003 which represents the point B of the harmonic pattern AB=CD that is still in the forming stage to form a new top at this level and it is the second consecutive top at this level. This provides one of the conditions of the existing of a double bottom pattern that reflects the uptrend into downtrend, and the bottom of this pattern is at the support level 1.3855.
If the pair succeeded to break the resistance level 1.4003, it will continue forming the CD rib of the harmonic pattern which targets to reach the level 1.4110 which represents the point D that completes the harmonic pattern. But if the pair broke the support level 1.3855 means that the second condition of the existing of a reversal pattern is achieved then the pair will continue declining targeting the support level 1.3750 initially.

Res: 1.3992 1.4064 1.4127
Pivot: 1.3929
Sup: 1.3857 1.3794 1.3722


The trades of the pair are still confused and volatile between rising and declining suggesting to form a harmonic pattern AB=CD and now it is moving in the range of the last wave of the pattern CD which is supposed to target the support level 1.5915 during today's trades but under the condition of breaking the support level 1.5985 which represents the point B of the pattern with stability below.

The stability of these expectations requires the stability of the resistance level 1.6095.

Res: 1.6097 1.6186 1.6242
Pivot: 1.6041
Sup: 1.5952 1.5896 1.5807


The pair continued registering new records where reached the lowest price at the level 0.8915 during yesterday trades, as it was expected through yesterday report, the pair formed a bearish top at the resistance level 0.9201 and used this top to continue declining. Also the pair formed a bearish bottom at the level 0.8915 and used it to rise during the last intraday trades targeting to re-test the nearest resistance levels in order to form a new bearish top that is expected to be between the levels 0.9035 and 0.9099, the pair will use this top to decline again to continue forming the bearish direction targeting to reach the level 0.8790 but under the condition of breaking the level 0.8915 with stability below.

Res: 0.9148 0.9312 0.9429
Pivot: 0.9031
Sup: 0.8867 0.8750 0.8586


As noticed in the chart, after the previous days trades during the for the medium-term the pair was trading inside the bullish channel but from the expected that during the intraday trades the pair will decline to test the support level 0.9887 which represents the bottom border for the bullish channel and if the pair is able to break this level, so it will target the support level 0.9841.
But it's possible that the pair will try to retest the resistance level 0.9966 which is the top level that the pair achieved during yesterday trades.

Res: 0.9985 1.0055 1.0145
Pivot: 0.9895
Sup: 0.9825 0.9735 0.9665


The bearish direction is still dominating the pair trades, whereas a new bearish top has been formed during yesterday trades at the resistance level 0.9965 which pushed the pair down again breaking the support level 0.9849 as what was expected in yesterday report, the bearish move continued till the pair achieved the lowest price for yesterday trades at 0.9715, during the last trades the pair rose from the formed bottom at the level 0.9715 trying to retest the level 0.9849 which became the resistance level after breaking it down.
It is expected to form a new bearish top at this level which will push the pair down to continue forming the bearish direction till reaching the support level 0.9658.
But to reach this level; the level 0.9715 must be broken with a good close below it.

Res: 0.9879 1.0043 1.0125
Pivot: 0.9797
Sup: 0.9633 0.9551 0.9387

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