April 2, 2013

 
  • ES Four hour chart shows price near resistance line.
  • 2nd chart shows crucial support level of 100 period SMA which keeps rising to support the corrections.
  • Last chart shows one hour time frame with immediate support levels.
 
  • 760 looks like a crucial support level for reliance industries
  • Price is near weekly lower bollinger band.
  • Weekly stochastic has reached oversold zone.
  • Price if forms a bottom formation here without breaking below 760 could give a long trade. Keep strict stop loss as the trend is strong in favor of bears.
  • Apple closed well below 20 Day SMA. Having met resistance near daily cloud, Price is moving down towards the recent swing low of 419. 
  • Indicators like stochastic in daily chart are also suggesting more falls to come. Indicators are yet to reach oversold zone.

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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