June 17, 2012

  • Daily MACD is looking good for bulls. Price closing the day above 50 day SMA will strengthen bulls further.
  • Weekly line chart shows price moving up towards 31 levels.
  • For bigger up moves price must sustain above 20 Week SMA 

  • Price yet to make a clean breakout from the channel.
  • Price is testing 20 Week SMA. Bulls need a close above this line for confirming  a breakout.
  • Daily chart shows overbought stochastic But bears need price to fall below 50 day SMA for a meaningful correction. Bulls are safe above 50 day SMA.


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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