July 22, 2013

  • Apple one hour in a sideways channel.
  • One hour cloud and 23.6% Fib level too is acting as support.
  • For an extended fall bears need price to do a channel and cloud break.

  • Silver is trying a bounce in smaller time frames.
  • Daily chart shows price near 50 Day SMA.
  • Closing above 50 SMA may give a bounce But the longer term trend will be safe as long as price stays below  the cloud. For a bigger turnaround silver must sustain above the daily cloud.
  • GOLD Testing resistance zone

  • Gold testing crucial resistance line.
  • Price is also near Ichimoku cloud in daily chart.
  • Last chart shows price retesting the broken support level between 1321 - 1338.
  • Facebook has give a Bearish Engulfing pattern at Golden ratio.
  • Daily chart is seeking support at 200 Day SMA. Price has to close below 200 SMA for the bearish engulfing to be effective.
  • Resistance is seen at the Golden ratio for the up move from 22 to 29. Bulls need to close above Golden ratio to invalidate the effects of Bearish Engulfing setup.
  • L&T Weekly and Daily charts shows resistance between 990 - 1010 levels. Daily close above this zone will favor bulls for bigger up moves.
  • Support in daily chart is at 50 Day SMA (964). Breaking the up trend line and 50 Day SMA means weakness for L&T.


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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