May 8, 2013

  • Crude oil daily chart pausing at resistance line.
  • Even if  a breakout happens the upper targets looks limited as weekly chart is nearing Golden ratio.



  • Price hits the resistance line discussed in the below post
 
  • Google daily chart moving towards resistance line
  • Second chart shows negative divergence in weekly time frame with RSI.
  • Resistance line and Divergence may lead to a correction in Google. 
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  • Price nearing crucial support levels in hour chart.
  • Breaking the channel and 50 Hour SMA may give a Dip in favor of bears.
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  • Bank nifty near the resistance line of a broadening pattern.
  • Price has to do a breakout or it may fall to the lower end of the range.
  • weakness on price closing below 50 Hour SMA for today



 
  • Long should be cautious at these levels. Further longs can be added only on closing above 50 SMA and 23.6% Fib level.
  • Unable to close above 50 SMA and 23.6% Fib level means weakness. Falling below 5 Day High EMA may give shorting opportunities. 



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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