December 11, 2011

  • Price is near 200 SMA.
  • Attempts to cross 200 SMA has failed twice  in the recent past. Price may make another attempt soon. A bearish candle on 200 SMA may give a perfect shorting opportunity. For bulls price should close above 200 SMA decisively for going long.
  • Daily chart also shows a contracting triangle which may give good direction.
  • Price has closed below day high ema. If it sustains here trend might turn in favor of bears.


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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