December 18, 2011

  • Amazon weekly chart shows price taking support at the support line of a broadening pattern. If the support line of this pattern holds we may get a bounce in Amazon.
  • One thing to note is that price is yet to hit the long term trend line of Amazon.
  • Daily chart shows positive Divergence. For this to be effective price should trade above 20 Day SMA, For a bigger bounce 50 Day SMA too has to be taken out.
  • S&P 500 WEEKEND UPDATE

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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