November 7, 2011

CHART-III
  • Bulls has to sustain above the resistance line. Four hour candle is showing weakness at the moment. Price falling back into the pattern will favor bears.
CHART-II
  • Up move got resisted at the resistance line as discussed in the below chart.
  • Staying below 50 Hour SMA will favor bears.
CHART-I
  • ES Hour chart is moving towards resistance line
  • Price staying below 50 Hour SMA will favor bears.
  • Even if price manage to stay above 50 Hour SMA the upside looks limited to the resistance line.
  • CISCO WEEKLY RESISTANCE LINE
  • QQQ SELLING ZONE
  • Intel daily chart is showing reversal after negative divergence in MACD Indicator.
  • Price has taken support at 23.28 level.
  • 20 SMA has broken on closing basis. Price breaking below 23.28 level again can extend correction for Intel.
  • QQQ SELLING ZONE
  • CISCO WEEKLY RESISTANCE LINE

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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