June 23, 2013

  • First chart shows bank nifty falling in a channel. Price at possible channel support line.
  • Second chart shows strong down trend as price could not move above 5 Day High EMA.
  • last chart the weekly time frame with Fib levels shows price at crucial Fib level which may give some relief for bulls if held. This level has also worked as previous support and resistance level.
  • S&P 500 WEEKEND UPDATE
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  • BAC Daily chart shows price breaking below the Descending Triangle pattern, But bulls were saved from bigger fall by the 100 Day SMA.
  • For the short term the up trend will be safe if price continues to stay above 100 Day SMA. 
  • Weekly chart too shows the up trend intact as price stays above the up trend line from 6.9 levels. Bears must break these two levels for a major change in trend to happen.
  • S&P 500 WEEKEND UPDATE
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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