January 20, 2013

  • First chart the weekly time frame shows price sustaining above previous resistance line. Last week also closed near its high's which looks good for bulls.
  • Hope for bears is the resistance line drawn in second chart which must be held to avoid further up moves.
  • Last chart shows MACD Histogram and price negative divergence. Bears need the MACD lines to give a bearish cross for the sell off to start. 

  • Weekly chart testing 23.6% Fib level.
  • Weekly RSI and price shows negative divergence. Price has started to show weakness and may extend the fall towards 10.1 or 20 Week SMA due to the negative divergence.


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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