July 31, 2011

  • Microsoft weekly chart has hit the resistance line.
  • Price has given a Pin Bar Formation in weekly chart it has come at the resistance line. Pin Bar's are powerful reversal candles. 
  • Daily chart with MACD bars is showing negative divergence. MACD may confirm a sell signal next week. Negative divergence may give good correction.
  • One thing that's in favor of bulls is the presence of 200 DMA. So larger correction will be possible only at the break of 200 DMA.


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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