October 22, 2012

  • First chart shows a failing ascending triangle.
  • Second chart shows possible support zone at 86.90 - 87.70
  • Third chart shows 50 Day SMA moving away from 200 Day SMA Which may cause a fast fall in Crude oil.
  • Apple doing an oversold bounce which may stop at the broken 100 Day SMA.
  • Hour shows price moving down in a channel
  • Hour trend will remain down as long as price sustains below the cloud.

  • Nifty in a trading range between 5630 - 5740
  • Weekly indicators are at overbought levels but yet to trigger a sell so the larger time frame buy's are still intact. So one should wait for a close below 5630 for further selling. Close above 5740 may resume the up move possibly towards the resistance line shown in the second chart.

  • Price falls to the support zone in four hour chart.
  • Daily chart also shows price testing crucial 23.6% Fib level.
  • Hour chart shows price below 78.6% Fib level. Breaking above this level could give a small bounce towards broken Golden ratio. Sustaining below 78.6% Could break the previous swing low.

  • Coca cola continue to move down from the bear flag pattern.
  • Price has also violated the support line of a contracting pattern.
  • Price is about to test 200 Day SMA. For bigger falls price must close below 200 Day SMA. 50 sma is acting as stiff resistance 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