January 17, 2013



  • Goldman Sachs approaching weekly resistance line
  • Second chart also shows price nearing golden ratio.
  • Daily chart is developing negative divergence. Price is yet to show weakness so the up move may continue till price hits the resistance line shown in weekly chart.


  • Crude oil weekly chart violating the falling resistance line.
  • Second chart shows price violating 100 Week SMA.
  • Crude oil bulls need a weekly close above the resistance line and 100 Week SMA.
  • Next resistance levels in weekly chart are the Golden ratio and 100.41 level. 


  • Bank of America daily chart is showing a range between 11.3 to 12.2 levels. This range is happening at a crucial levels in both month and weekly time frames.
  • Monthly candle is pausing at top bollinger band at 11.95. Price must sustain above 11.95 for the up move to extend.
  • Weekly chart shows price above 200 Week SMA. Price sustaining above it will favor bulls to extend the prevailing trend.
  • APPLE BUSTED DESCENDING TRIANGLE
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  • Weekly candle trying to bounce from 100 Week SMA.
  • GAP in daily chart and 20 SMA must be closed above for  a bigger up move to follow.
  • Last chart shows price trying to get back into the Descending triangle pattern. If price starts to trade inside the triangle there is a chance of a busted triangle pattern playing out, which should give good up move for bulls.
  • GOOGLE CHART ANAYSIS
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  • Bank Nifty daily chart testing 20 Day SMA. Last testing of this level resulted in an up move.
  • Price is also near previous resistance level and Range Top from which BN gave a breakout. These two levels 12571 and 12538 may try to stop a bigger fall from happening.
  • Last chart also shows 23.6% Fib level at 12518 levels. So for bears of BN price must break below 12500 levels could see extension of the current down move. 
  • BANK NIFTY LIVE CHART- 5 MINUTES TIME FRAME
  • SBI CHART ANALYSIS
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  • SBI Daily chart shows a trend line breakdown.
  • Price is testing 20 Day SMA.
  • More importantly price is showing weakness at crucial weekly resistance level as seen in the last chart. Unless price sustains above 2475 levels its likely to see  a correction towards the rising trend line drawn in the last chart. Bull regain momentum above 2475 and 2529 levels.
  • STATE BANK OF INDIA INTRADAY LIVE CHART
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  • Google daily chart shows price violating the rising support line from 635 levels.
  • Price is reversing from 78.6% Fib level. Price now moving towards 50% Fib level.
  • Closing the day below 20 SMA and 712 levels may extend the fall towards 696 levels.
  • APPLE SUPPORT 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