December 7, 2012

  • Dow hits the 50 Day SMA.
  • Price also nearing the Daily cloud and the Golden ratio.
  • Bearish daily candle at 50 SMA may give a correction.
  • Apple daily chart trying to form a bearish head and shoulders pattern.
  • Weekly chart shows price testing the weekly cloud. Long term trend will be in trouble only if price starts to trade below the cloud.
  • Last chart shows the death cross which will be effective once price starts to sustain below 505 levels.
  • EURUSD Reacting from the daily resistance zone.
  • Price has fallen to its 50 Day SMA. If daily candle closes below 50 SMA we could see a bigger fall towards the 200 Day SMA.
  • One should also keep in mind the Golden cross shown in second chart with 50 and 200 Day SMA.
  • TCS Trying to hold above 200 Day SMA.
  • Daily is showing  a 92 point range. Bigger moves only when this range gets resolved
  • Last chart shows price yet to recover from the weekly bearish engulfing pattern.
  • For bears price need to close below 200 Day SMA. Holding above it may give an up move towards the upper end of the range.
  • Nifty Fib fan shows price hitting 78.6% Fib line. A bigger up move possible on trading above this line.
  • Yesterday's Dip was saved by 5 Day Low EMA.
  • Last chart shows the level below which nifty may turn weak. Weekly RSI is at overbought zone which will favor bears ONLY if price starts to trade below 5815 levels.


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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