May 13, 2012

  • GS continue to look weak as price trades below 200 SMA and closed below Golden ratio.
  • Price is falling from a head and shoulders pattern which may target 96 levels.
  • Staying below Golden ratio price may target 78.6% Fib level.
  • Weekly chart sows price below 20 week SMA. If the previous trend is to continue price may test 84 levels and break below it to give a trending down move.

  • JPM Has closed below 50 Week SMA. Price has also give a weekly MACD sell signal.
  • Daily chart is testing 200 Day SMA
  • 20 and 50 SMA has given a bearish cross. If 200 SMA gives support GAP fading might happen. Closing below 200 SMA will extend the fall.

  • First three weekly charts shows bearish scenarios for the coming week.
  • Last chart shows a potential channel in daily time frame. If the channel support line holds we may see a bounce in BN before the fall resumes.
  • Crucial support in weekly charts are the weekly Channel resistance line which may act as support and the golden ratio near 9080.


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"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