April 21, 2013

  • Daily chart is seeking support above 200 Day SMA. Friday's closing suggests a bounce is on in QQQ.
  • Daily chart also shows an inside day pattern which will extend gains for bulls on trading above 68.33. For bearish moves price must sustain below 200 Day SMA.
  • Weekly chart shows overbought indicators which is yet to give a breakdown. Price sustaining below 20 Week SMA may give a bigger breakdown.

  • CISCO Weekly chart shows a bearish MACD Signal.
  • For bearishness to extend price has to break below the 38.2% Fib level which is acting as support as shown in second chart.
  • If price sustains below 20 Week SMA it should move towards the lower bollinger band or the rising support line shown in last chart.

  • Weekly chart shows  a long shadow which suggests buying at lower levels But weekly candle closed below 200 Week SMA which is negative for bulls of Gold.
  • 4 Hour chart shows price getting resisted at 4 Hour cloud which has to be crossed for a bigger up move to happen.
  • Monthly cloud may act as strong support level if the slide continues. Last test of the cloud happened in 2002.


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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