June 20, 2013

  • Bank of america 4 Hour chart shows price testing 38.2% Fib level.
  • Daily chart is testing 50 Day SMA.
  • Daily chart also shows a descending triangle pattern. Daily Close below 12.82 may extend the correction. 

  • Gold daily chart shows a descending triangle breakdown.
  • Weekly chart shows price moving away from 200 Week SMA.
  • Price also nearing the range breakdown target near 1250 levels.

  • ES Daily chart shows price testing the cloud.
  • 4 Hour chart is nearing range bottom.
  • Daily chart shows possible price support lines and a rising 100 Day SMA which may act as support.
  • APPLE Daily and monthly chart shows immediate support level at 418.
  • Breaking below 418 on daily closing basis may lead the stock towards April month lows.
  • Weekly chart also shows 200 Week SMA near April month low which may act as support level if gets tested. 


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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