January 29, 2012

  • Daily chart shows Golden ratio and resistance levels between 1760 - 1770 levels.
  • Weekly chart too shows a channel resistance line between the above mentioned levels.
  • Problem for bears of gold is that this weekly channel was violated many times in the recent times. So another channel break and a bigger up move cannot be ruled out.
  • QQQ WEEKEND UPDATE

  • Bidu has violated the triangle resistance line and closed outside the pattern.
  • Price will face resistance at 200 Day SMA. If the stock sustains above 200 SMA then price will move towards 137 and higher levels can be seen as shown in the last chart.
  • QQQ WEEKEND UPDATE

  • SLW breaking above 200 SMA and unlike the last time price action is looking good for continuing the current up move above 200 SMA.
  • Weekly line chart shows bullish price action out of a consolidation pattern.
  • Last chart shows the possible resistance levels for next week.
  • QQQ 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