April 24, 2013

  • Eurusd 4 Hour chart shows a possible falling wedge pattern.
  • Chart 2 and 3 shows crucial support levels which must be held for the bullish reversal pattern to work.
  • Crude oil nearing the broken neckline of head and shoulders pattern in four hour chart.
  • Price also nearing crucial fibonacci levels and 100 period sma.
  • ES Four hour chart shows resistance at 78.6% Fib level and support at Golden ratio.
  • One hour chart shows 23.6% Fib level as support this is around the same level as the Golden ratio shown in 4 Hour time frame.
  • 30 Minutes time frame shows immediate support lines and Ichimoku cloud which may act as support.
  • Ford is showing weakness around the Golden ratio in daily chart. Bulls must close above this level and 13.58 for confirming strength.
  • Weekly time frame looks safe for bulls as long as price stays above the rising trend line from 8.82 levels.
  • Weekly MACD is looking negative for bulls. If price does not stay above 13.58 stock may test the bottom of the range at 12.1.
  • For IWM the levels mentioned in the weekend update has given good support so far.
  • Weakness only if weekly candle closes below 88.79 - 89.13 Support zone.
  • So far weekly chart looks like a topping pattern being formed. For bears the above mentioned level must break for a bigger fall to start.

  • SPX Daily chart shows price in a range and Moving towards the top of the range.
  • Daily channel shows price closing into the bullish part of the channel. Recent instances like this has resulted in an extended move in favor of bulls. For this to happen Bulls need new high's on closing basis.
  • Weekly chart shows RSI moving sideways as price moves up within this range. If new highs does not happen we may see a breakdown soon.

  • Google daily at possible resistance zone between 814 - 819.
  • Price is also testing golden ratio as shown in second chart.
  • Last chart shows price testing the Top of Ichimoku cloud. Bulls need a close above this level to extend this up move.


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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