February 14, 2013
- Black berry near crucial up trend line in daily chart.
- Price is testing 50 Day SMA. Falling below 50 SMA will make the Golden cross weak.
- Daily cloud too is a crucial support level. Taking support at the cloud or up trend line Black berry may start moving up again.
- ES RISING WEDGE BREAKDOWN
- Nifty reacted well from the bullish engulfing pattern but failed to close above the crucial resistance levels of 50 Day SMA and 5 Day High EMA.
- Fib levels for the current correction shows price getting resisted at 38.2% Fib level.
- Fib levels for 5549 - 6111 shows support at 38.2% Fib level. Crucial support level is the 50% and 100 Day SMA confluence.
- ES Rising wedge has broken the support line But bears aren't getting follow up selling. As the second chart shows price continue to get support near 100 Hour SMA.
- 4 Hour chart shows price yet to show real weakness and still moving inside a bullish channel which has to break for a meaningful correction to happen.
- FACEBOOK FALLING WEDGE
- Middle Bollinger band or 20 Day SMA is acting as crucial support for crude oil. Falling below 20 SMA should result in a fall towards 94.96 level or to 50 Day SMA.
- A Bigger correction may happen only if the support levels shown in 2nd and 3rd chart gets broken. Otherwise price is likely to remain in a trading range.
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