July 13, 2013

  • Boeing Daily chart shows Bearish candle with Volume spike.
  • Daily chart is yet to break below the Rising support line. Weakness in daily chart below 98.99 levels.
  • Weekly chart with MACD shows bearish alignment. Medium term weakness if price falls below 96.30 levels.

  • On closing basis today SPX made New High's.
  • Second chart shows price Moving towards a parallel channel resistance line which is around 1697 - 98 levels for next week.
  • Weekly chart shows 1687 which is the crucial level for the coming week. Daily close above this level will hint more strength for Bulls of SPX.
  • Gold four hour and one hour chart shows price inching up towards resistance levels.
  • Daily chart is nearing 50 Day SMA.  This level may continue to act as resistance and price may resume the fall again.


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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