May 12, 2013

  • USO Weekly Daily charts at crucial resistance levels 34.47 - 34.86. Only a convincing close above these levels could give a bigger up move in USO.
  • Last chart shows price getting support at 50 Day SMA. Weakness in daily time frame only if price starts to close below 50 Day SMA(33.23).
  • CNX Pharma has given a bearish weekly candle
  • Weekly RSI is showing negative divergence.
  • Price has to further confirm weakness by closing below 5 Week High EMA to extend the fall.
  • First chart shows price nearing its immediate resistance level at 14.3
  • Second chart shows price above 50% Fib level in weekly chart. Sustaining above this crucial fib level may lead to a bigger up move. Price falling below this may give a Bearish Double top pattern.
  • Last chart shows a weekly bullish inverted head and shoulders pattern.


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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