January 26, 2013

  • Daily chart shows resistance at 50 Day SMA. Falling resistance line in weekly chart too is a resistance level.
  • Rising up trend line from 127 and 100 Week SMA are support levels.
  • Price contraction between the above mentioned support and resistance levels may soon resolve for a bigger move.
  • Microsoft daily chart has closed above the trading range.
  • Weekly chart is yet to confirm a breakout with price closing near the falling resistance line and 100 week SMA.
  • Price need to break the above mentioned levels in weekly chart and 38.2% Fib level to extend the up move.


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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