June 12, 2013

  • Apple hour chart shows price contraction. 
  • Hour chart shows support at golden ratio.
  • Daily chart continues to test 50 Day SMA. Break above the resistance line shown in hour char may give an up move. Bears need a daily close below 50 Day SMA.


  • EURUSD 4 Hour chart shows price continues to make Higher High's and lows.
  • UP Trend in 4 Hour time frame will be safe as long as price stays above the cloud. Weakness can be seen on price trading below the up trend line.
  • Daily chart shows price testing crucial Golden ratio. Crossing this level on closing basis will help to extend this up move.
  • ES CHART UPDATE
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  • Crucial support for RCOM Between 100 and 103.
  • Weekly chart is developing into a bearish engulfing pattern. With 3 days left in the week bulls should try to close higher to avoid a bearish pattern in weekly chart.
  • 23.6% Fib level is around 103. Weekly close below this level will strengthen bears further.
  • ES Four hour chart shows price getting resisted at 100 Hour SMA and unable to cross above the 4 Hour cloud.
  • Price is also falling in a channel. Correction will continue if price stays within the channel. Bulls need a channel and cloud breakout for  bigger up moves to happen.

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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