May 17, 2013

 
  • One hour chart shows price below 50 Hour SMA.
  • 30 Minutes cloud and Golden ratio are also resistance levels.
  • Hour closing below 78.6% Fib level will extend the fall.
 
  • ES one hour chart with crucial support and resistance lines.
  • Second chart shows price continues to break upwards which is likely to continue.

 
  • DLF Resistance levels at 50 Day SMA and 5 Week High EMA.
  • Hour chart is showing weakness.
  • Unable to cross 5 Week High EMA may give a fall towards the range bottom which is at 227 - 228 area.
 
 
  • Google daily and hourly charts has prominent Bearish candlestick pattern.
  • Two Dark cloud cover patterns marked in daily time frame. Hour chart shows a bearish engulfing pattern.
  • Price closing the hourly GAP and closing below the 50 hoiur SMA or up trend line may give a meaningful correction.

  • First chart shows broadening pattern in daily time frame. Price pausing at the resistance line
  • Hour chart shown with 50 Hour SMA. Price falling from the resistance line and closing below 50 Hour SMA at this stage may give a bigger correction as shown in the chart.
  • Price sustaining above 13.55 will negate the bearish scenario discussed above.

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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