February 18, 2013

  • Microsoft weekly chart shows previous low acting as resistance.
  • Daily chart shows price resistance at Daily cloud top and 38.2% Fib level.
  • Confluence of resistance stopping bulls from moving up. Only a weekly close above these levels can add momentum for bulls. Weakness here may lead to a fall towards 27.0 again.
  • EURUSD 4 Hour chart shows a falling wedge pattern.
  • For bullish trades on EURUSD Price must sustain above 50 Day SMA.
  • Immediate resistance levels for the pullback is shown in the last chart fib levels.
  • Nifty hour nearing the falling resistance line from 6111 levels.
  • Hour chart with fib levels shows price nearing 50% and Golden ratio. 
  • Above mentioned levels must be crossed for a bigger pullback to happen.
  • Middle bollinger band, 100 Week SMA and 50% Fib level are immediate support levels for nifty. If nifty takes support here a bounce towards 5970 levels looks likely to happen. Correction from there may give a Head and Shoulders pattern in nifty.
  • First chart shows price testing crucial support level.
  • Support zone in daily chart is also near 23.6% Fib level.
  • If the recent price action in daily chart is to repeat we may see a bigger correction in crude oil. For bears of crude oil need a close below 50 Day SMA for the above mentioned scenario to play out.


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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