September 22, 2012

  • BAC Weekly chart shows weakness near 100 Week SMA
  • Daily chart shows a bearish engulfing pattern. Daily MACD is closer to a sell signal which will be effective on price breaking below 20 Day SMA.
  • Price sustaining above 20 Day SMA will continue to favor bulls.
  • Nifty weekly chart has closed above the golden ratio. Intra week weakness was a trap and nifty bulls resumed the primary trend on the last day of the week.
  • Second chart shows possible resistance lines for the coming weeks.
  • 3rd chart shows the Power of weekly candlestick patterns. Bearish engulfing in weekly chart was followed by a down trending market. Now we are moving up after a weekly bullish engulfing pattern.
  • Last chart shows possible resistance level in monthly chart in the form of Monthly upper Bollinger band.

  • Apple 30 Minutes moving up  in a channel.
  • Price finding support above 30 Minutes cloud. Once the cloud is broken we may see a bigger correction.
  • 3rd chart shows support at 693 and 50 Hour 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