June 25, 2013

  • Google daily chart shows price near 50 Day SMA and 38.2% fib level.
  • 4 Hour chart shows price trying to hold above the cloud base. Closing below the cloud may extend the fall in Google.

  • ES one hour chart shows price trying to sustain above 50 Hour SMA.
  • One hour cloud will act as stiff resistance. Price has to trade above the cloud of this time frame for turning the trend.
  • Fib levels shows price at 23.6% Fib level. Price must stay above this level to target 38.2% Fib level.

  • Bank nifty weekly chart shows price nearing crucial support resistance level near 11050 - 11100
  • Bank nifty still in sell mode But weekly stochastic is fast approaching oversold zone which may give some relief for bulls.
  • Daily chart with 5 Day High EMA shows no pause or turnaround as price continues to move away from 5 DHEMA

  • Daily chart of SPX Shows price closing below 100 Day SMA.
  • Weekly chart shows price extending the fall below the Up trend line. Indicator like Stochastic is yet to become oversold.
  • Price has fallen below Weekly middle Bollinger Band. SPX bears need price to close below the Bollinger band for bigger corrections to follow.

  • ES 30 Minutes chart shows resistance at the cloud and 100 Period SMA.
  • Bulls must cross these levels for the bounce to extend.


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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