October 8, 2012

  • Weekly chart shows bulls struggling to cross 1800 levels. Bulls need a weekly close above this level for a bigger breakout.
  • For bears a close below 20 SMA would hint weakness. Daily close below 1755 should start a bigger correction

  • NFLX Bulls trying to close the GAP in daily chart.
  • Price sustaining above the daily cloud should help bulls to extend this up move.
  • Weekly chart shows next crucial resistance at 50 Week SMA. So this up move may move towards 82 levels before a correction.

  • APPLE Daily chart shows price testing crucial support level at 644.
  • Price also near weekly uptrend line.
  • Price sustaining below 50 Day SMA should favor bears to extend this down move towards next support levels at 100 SMA and 614 levels
  • Taking support at weekly up trend line may give an up move.

  • ES Doji at 100 period SMA of Four hour time frame may give  a bounce.
  • Second chart shows a bullish pattern.
  • Last chart shows possible double top if the support levels are not held.

  • TATA Steel daily chart shows an inverted head and shoulders pattern.
  • For bulls this pattern will be effective once price crosses the unfilled GAP  and 200 Day SMA. This is also the place for Golden ratio. So crossing this level will be difficult But once crossed on closing basis we can see bigger moves.
  • Another fall below 1400 will be negative.

  • Silver 4 Hour chart shows an ascending triangle pattern. Weekly chart shows resistance at 38.2% Fib level. Price is getting resisted at this level for quite some time now. 
  • Break below 100 period SMA of Four hour time frame should lead to a correction, for a bigger fall week must fall elow 33.26 level.


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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