February 22, 2013

  • BAC Closed the day below 20 and 50 Day SMA.
  • Price seeking support at the daily cloud.
  • If the cloud does not give support the bearish engulfing shown in last chart will take effect and a fall towards Weekly Middle bollinger band is likely to happen.

  • Broadening Top shown on a Previous post on MCX CRUDE OIL; Has worked well so far. 
  • Price sustaining below the falling support line and 50% Fib level will extend the fall towards Golden ratio.
  • 100 Day SMA is also at 50% Fib level so this level may try to protect bulls. Daily close below this level will extend the fall.

  • Price testing 20 Week SMA or Weekly Middle Bollinger band.
  • Weekly MACD Lines are showing a bearish cross which need price to fall below 20 Week SMA for bigger falls to happen.
  • Daily chart shows a Head and shoulders pattern But price seeking support at 100 Day SMA.
  • Breaking 100 SMA or a Weekly close below 20 Week SMA will extend gains for bears. Taking support at the above mentioned levels may result in a bounce.

  • ES 4 Hour chart shows price breaking crucial moving averages and trying to do a bounce near 200 Period SMA.
  • 15 Minutes chart shows price testing the cloud. Sustaining above the cloud may result in a bounce.  


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"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