May 7, 2013

  • Facebook daily chart shows price falling towards 50 Day SMA.
  • Hour chart shows price nearing crucial fib levels and Ichimoku cloud.
  • Multiple support levels may stop the fall of Facebook.
  • The long shadow of the weekly candlestick formed when gold fell to 1321 is so far giving good support for Gold. The consolidation in weekly chart after the fall and bounce is happening above the tail of the candle.
  • So for Bulls of hold its important to stay above 200 Week SMA and 1404. Price falling below 1404 means price moving towards the lows again which will weaken this weekly candle with long shadow.
  • Reliance Industries closed above 200 Day SMA. Previous attempt to stay above this level was not successful so one has to see if price is able to cross the resistance of 827 on closing basis to extend the current up move.
  • Weekly chart too is testing 5 Week High EMA. Weekly close above this level may give good up moves.
  • For the day 827 is crucial sustaining above it can give good intraday up moves for reliance.
  • Apple monthly chart continues to look good for bulls after the Dragnofly doji candle in this time frame.
  • Price is trading above 20 week SMA after a long GAP.
  • Daily chart shows price testing at 100 Day SMA. Closing above this level will extend the up move


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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