May 21, 2013

  • Google hourly range support is getting tested.
  • 30 Minutes chart shown with 100 period SMA and Ichimoku cloud. Price closing below these levels may give a bigger fall google bears.

  • Crude oil four hour chart looks like an ascending triangle.
  • Hour chart is trading above 50 Hour SMA. Crude oil bears need an hourly close below 50 Hour SMA and the up trend line shown in four hour chart for a breakdown to happen.
  • Daily and Four hour chart also shows price testing crucial resistance lines. 
  • ES Hourly chart trading above crucial support level. Support level of 1558 - 1660 is above 100 Hour moving average and Hourly ichimoku cloud. So weakness in hour chart only if bears manage to trade below the the hourly cloud on closing basis.
  • Nifty daily chart managed to form  a bearish engulfing pattern. Price closed below 5 day High EMA and for bears there is also a negative divergence between price and RSI. 
  • For bulls though the up trend is still intact and the current price action is happening above crucial support levels. Supports shown in chart 2 are crucial for bears to make price week should close below 6000 levels. Sustaining above these levels will favor bulls to extend the rally.

  • Apple Hourly time frames at crucial levels.
  • Price has to sustain above 50 Hour SMA and 30 Minutes cloud for the up move to extend.
  • Falling back into the cloud will be negative. Positive on moving above 444 levels.


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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