March 25, 2012

  • First chart shows a consolidation pattern which will resolve in favor of bulls if price stays above 105 levels.
  • 38.2% Fib level is acting as support for now. Closing below this level will make the stock weaker. Important support level is between 104 - 106. If week starts to trade below this level we may see a sell signal in Weekly MACD.
  • For strength price need to trade above 23.6% Fib level. 


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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