July 29, 2012

  • For the bullish momentum to sustain price must sustain above 12977 and 78.6% Fibonacci level.
  • Sustaining above these levels could take Dow Jones towards 13200 - 13300 levels.
  • Unable to sustain above the 12977 could result in a bearish week.
  • Last chart shows a weekly rising wedge pattern. If the rising wedge is held we might see a big breakdown from this pattern.

  • INTEL Weekly chart is moving up from 50 Week SMA. But price is near resistance levels like 50 and 200 Day SMA.
  • Price is near daily Ichimoku cloud which may act as resistance. For a bigger up move price must do a cloud breakout. Sustaining below the cloud will give shorting opportunities.


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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