August 11, 2012

  • QQQ Weekly chart shows MACD Buy signal.
  • 2nd chart shows weekly consolidations which continues to give upper breakouts.
  • Daily chart shows negative divergence which may give a correction in favor of bears.
  • GOOGLE WEEKEND UPDATE



  • GOOGLE Daily MACD is getting ready for a sell signal.
  • Weekly Bollinger bands show price near upper bollinger band. Last two hits at weekly bollinger hand has worked well for google bears.
  • Last chart shows an overbought weekly stochastic But price has not confirmed bearishness yet.



  • SBI daily chart shows a high volume breakdown.
  • Weekly triangle pattern too has breakdown in favor of bears.
  • Next crucial support level is at 1802. Weekly stochastic continue to favor bears if 1802 does not hold then deeper correction can be seen.


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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