March 9, 2013

  • IWM Daily chart shows a Hanging Man candlestick pattern. A negative opening and bearish close will confirm the pattern.
  • Second chart shows price moving up in a channel. Daily RSI shows negative divergence. Price yet to show weakness in daily or weekly time frame.
  • Weekly chart shows a bullish candle. Up move is likely to continue if price stays above 92.68 levels. Weakness on trading below 92.68 levels.
  • Apple daily chart shown with resistance levels for the coming week.
  • Weekly chart shown with 5 Week High EMA which works well during trending phases has worked well so far. Trend will remain strong as long as price stays below it on closing basis.
  • Positive Divergence in daily chart looks prominent. One more down move towards the support lines looks possible before a big up move could happen. 
  • NIFTY Bulls managed to close above 50 Day sma and Golden ratio, Price just managed to close above both these levels.
  • Weekly chart shows a Huge bullish engulfing pattern. This may not be of great significance as we are trading closer to the high end of the range But Bulls may have enough momentum to reach the range top once again.
  • Price failed to close above 5 Week High EMA. This level may act as resistance for bulls in the coming week.
  • EURUSD 4 Hour chart shows price getting resisted at 23.6% Fib level.
  • Price has fallen below 50 Period SMA.
  • Price testing the support zone. Close below this level will extend the down trend. EURUSD Bulls must trade above 23.6% Fib level for a bigger pullback to happen.


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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