February 10, 2013

  • GLD Daily chart shows a contracting triangle pattern which is closer to a breakout.
  • Triangle breakout should takeout the weekly support or resistance levels which are 100 Week SMA and 20 Week SMA on closing basis for a bigger direction to happen.
  • Weekly Fib levels also shows price ranging between the crucial 38.2% and Golden ratio which must be resolved for a major change in direction to happen

  • Facebook daily chart trying to stay above its golden ratio.
  • Price sustaining below 50 day SMA and Golden ratio may extend the down move.
  • Below 28.01 Price may move towards 25.15 levels.
  • Above 29.29 price is likely to give 32.50 levels again.


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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