August 27, 2012

  • Crude oil falling towards the support line of the rising wedge.
  • Price is correcting from the golden ratio.
  • Trading below 20 Day SMA and 93.22 levels would extend correction.

  • GOOGLE Daily and Weekly charts shows overbought indicators and sell signals.
  • Daily trend line break may start a correction.
  • Correction from weekly resistance line may give a bigger fall for google bears.

  • ES Hour chart with resistance level and Fibonacci levels which may act as resistance.
  • Price sustaining above 200 Hour SMA will favor bulls. Price breaking above 80% retrace level will strengthen bulls further.
  • Bears need a fall from 61.8% - 78.6% Fib zone to avoid a bigger up move.

  • Bank nifty has fallen below a triangle pattern and 50 day SMA.
  • If price sustains below50 Day SMA It could continue the down move towards 38.2% Fib level as shown in 2nd chart.
  • Hope for bulls of BN if the index starts to trade above 20 Day SMA. Above 20 Sma the resistance line shown in last chart may come into play.
  • Immediate support levels too shown in last chart.

  • Reliance Industries Weekly stochastic shows price nearing a sell signal.
  • Price yet to confirm a sell by closing below crucial moving averages. 
  • Daily closing below 20 SMA and a weekly close below 50 Week SMA will add strength to this weekly sell signal. 
  • If bulls manage to sustain above 50 Week SMA on closing basis we may see the resumption of the current up move.


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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