October 23, 2010

WEEKLY CHART
DAILY CHART
WEEKLY CHART WITH SUPPORT LEVEL
  • Bank of America is trading in a descending channel in its weekly chart suggesting bearish movement.
  • The long term average of 200 DMA is above the price.
  • The short term also looks bearish with price trading below the 10 DMA.
  • Stock may give a bounce from the weekly channel bottom this move will find resistance at the top of  the channel.
  • Important support lies at 10.
  • DIAMOND PATTERN OF S&P 500

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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore