August 25, 2012

  • Daily chart shows support at previous resistance levels of 5342 - 5348. Bears need to break below this level for  a bigger down move to happen.
  • Daily MACD is moving towards a sell signal. Price moving above 5448 will negate this view.
  • 78.6% Fib level of 5629 - 4770 is acting as resistance for now.
  • The weekly candle looks like a bearish shooting star. A perfect shooting start would have the opposite color of the prevailing trend Red candle in this case and a bigger shadow or tail. So the significance of shooing star looks less. Weekly chart will show weakness below 100 Week SMA. 


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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