May 31, 2013

  • Apple week need a close above 20 Week SMA.
  • Daily chart too is trying to stay above 100 Day SMA.
  • Price staying above the daily cloud after a long gap is good for bulls But for the trend to change price must trade above 465 - 469 zone and 484 levels.

May 30, 2013

  • ES four hour chart show price moving towards the resistance line of the triangle pattern.
  • Price nearing crucial Fib levels.
  • Price trying to stay above hourly cloud need to break above the resistance line for a bigger up move to happen.
  • Facebook one hour chart shows price testing 50 Hour SMA.
  • Price also near 23.6% Fib level. Violating these two levels may lead to the hourly cloud. Sustaining below the cloud may resume the fall.

  • GOLD Four hour shows an ascending triangle breakout.
  • Resistance levels with fib levels looks good for bears as price is approaching Golden ratio.
  • If fib resistance levels are broken price may target the support resistance lines shown in daily time frame.

  • Crude oil near range bottom. 
  • Support at 92.13 if not held could lead to 50% Fib level and 200 Day SMA.

  • Crucial support levels 20 Day SMA and 23.6% Fib level.
  • Week is testing 5 Week High EMA (6111). Moving back above this level on weekly closing basis will help bulls to resume the up move. 

  • Facebook One hour chart shows price giving new lows.
  • Price moving down in a channel. Price near channel support line which may give an oversold bounce.
  • Major resistance will be the hourly cloud. Prevailing trend will become weak only on trading above the cloud.

May 29, 2013

  • Google four hour chart shows support at 50 period SMA and 38.2% Fib level.
  • One hour chart shows Hourly cloud as resistance. Strength only on price moving back above hourly cloud.
  • ES Trading below 4 Hour Ichimoku cloud.
  • Price testing 100 Period SMA.
  • Bears of ES will be stronger once price starts to trade below 100 period SMA and 1629 - 1633 support zone.
  • Tata Steel nearing range top in daily chart.
  • Price also near 23.6% Fib level near 329 levels and Testing 5 Week High EMA at the current levels.
  • Price need to to a convincing close above 330 levels for a bigger up move to follow. Any weakness in daily chart could lead to a sell towards range bottom.

May 28, 2013

  • Apple one hour chart shows up trend lines and Ichimoku cloud as Immediate support levels.
  • 100 Hour SMA is acting as immediate resistance levels.
  • Gold four hour chart shows a bullish ascending triangle pattern.
  • Price is getting resisted at 38.2% Fib level as shown in the second chart.
  • Last chart shows crucial support levels below which the bullish view will be negated. Weakness below 1375 and 1354.
  • ES Moves back above crucial moving averages and cloud.
  • There is hope for bears in the golden ratio. Price sustaining above this level weaken ES Bears further.
  • Tata motors futures hour charts with resistance at 38.2% Fib level and 50 Hour SMA.
  • Support at 1 Hour cloud. Hour closing below the cloud will be negative.
  • For the up move to continue hour must close above 50 Hour SMA and 38.2% Fib level.


  • NIFTY Daily chart shows price taking support at 38.2% Fib level and closing the day back above 23.6% Fib level.
  • Hourly chart shows possibility of a head and shoulders pattern which will work only if this up move is limited to 6115 - 6120 levels, Anything above that may lead to 6229 levels for a range bound move as shown in last chart.
  • IWM Daily chart shows crucial support at 96.51 and 20 Day SMA.
  • Weekly chart has given a bearish weekly candle but the trend will turn weak only if price starts to trade below 94.96 and 23.6% Fibonacci level.

May 27, 2013

  • ES Four hour chart shows 100 Period SMA and Ichimoku cloud as support levels.
  • One hour chart shows 100 Period SMA as resistance.
  • Price breaking the above mentioned levels on closing basis may lead to bigger moves.


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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