July 16, 2013

  • Google Hour chart shows possible support at 910 level and 50 Hour SMA.
  • But Daily chart is trying to form a bearish engulfing pattern
  • Price closing below 910 levels may extend the fall of Google.
  • ES one hour chart testing 100 Hour SMA.
  • Price also threatening to break below the hourly cloud.
  • Sustaining below these two levels may lead to a bigger correction.

  • ES continues to trade above the cloud in one hour time frame. Up trend of this time frame will be safe on sustaining above the cloud.
  • Weakness on price trading below 50 Hour SMA.

  • Silver major trend continues to stay down as price trades below 50 Day SMA.
  • But four hour charts are trying to form bullish patterns. 4 Hour chart shows  a bullish ascending triangle pattern. Price is trading above 4 Hour cloud. 
  • Any breakouts if happen should takeout the 50 Day SMA for a bigger reversal to happen.

  • Sustaining above the range shown in one hour chart will keep the bulls interested. Bigger weakness on price falling back into the cloud.
  • Price closing below 50 Hour SMA too may lead to an extension of the morning fall.

  • Reliance capital shows multiple resistance levels. Daily chart shows a bullish pattern but need to break and close above the resistance line to continue the up move.
  • Price is also near the upper bollinger band and Ichimoku cloud in weekly Time frame.
  • So Bulls of reliance capital need a close above 392 - 398 zone to extend the up move. Weakness on price falling below 373 levels.

  • Facebook Daily chart near falling resistance line.
  • Fib levels in daily chart shows price near Golden ratio.
  • Last attempt to stay above the cloud resulted in a sell off. This time for a breakout above the resistance levels price has to sustain above the daily cloud. Weakness on price falling back into the cloud.


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"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