May 27, 2013

 
  • ES Four hour chart shows 100 Period SMA and Ichimoku cloud as support levels.
  • One hour chart shows 100 Period SMA as resistance.
  • Price breaking the above mentioned levels on closing basis may lead to bigger moves.
  • APPLE IN A DIAMOND PATTERN
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  • As the last chart shows Tata Motos is in a broad range. Price testing crucial support at 282 and 50 Day SMA. Bears need a close below these to levels to target 251 levels. Sustaining above 282 may lead  to an up move towards the top of the range at 311.

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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