May 18, 2013

  • Weekly chart of yahoo shows bearish price action.
  • Weekly chart with RSI shows big negative divergence. But there is no sell signal yet.
  • Daily chart shows crucial support levels which must be broken to confirm bearishness or sell signal in weekly chart.

  • Daily chart is shown with possible bullish opportunities But Hour and Weekly charts continues to look bearish.
  • Price in hour chart if starts to trade above 50 Hour SMA will tilt the momentum in favor of bulls. If price holds above 418 next week then Bulls may form the right shoulder of an Inverted head and shoulders pattern shown in daily time frame. 
  • If price breaks 418 on daily closing basis then price may test 400 levels again.
  • Ford monthly chart hits the resistance line.
  • Price also testing golden ratio in weekly chart.
  • Price is yet to show any weakness. A weekly close above Golden ratio will help bulls 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