July 30, 2013

  • Crude oil continues to fall in a channel.
  • Price trending down below 4 Hour cloud.
  • Price testing 38.2% Fib level. Sustaining below this level may give a fall towards 50% Fib level

  • ES one hour shows a possible ascending triangle pattern. Pattern Mostly works in favor of bulls.
  • Sustaining above the 4 Hour cloud may lead to the recent high's again.
  • Strength above 1688 levels.
  • BIDU Resistance levels

  • BIDU Weekly chart testing channel resistance line. Bulls need a channel breakout to extend the current up move.
  • Weekly indicators are showing overbought levels but PRICE yet to show Weakness.
  • GAP's in daily chart may attract price towards it if weakness is seen at resistance line.
  • 4 Hour chart shows the up move being supported by 50 period SMA. Weakness for the trend only on price falling below this level.
  • Daily chart shows price approaching a resistance line.
  • One hour chart shows price testing 100 Hour SMA. Weakness on hourly time frame on price falling below this line.
  • APPLE Chart update

  • Nifty in a possible diamond pattern. The support line can be redrawn for this pattern as Price may do a small bounce from either the Golden ratio or the GAP shown in last chart. Diamonds are mostly bearish patterns.
  • Price closed below 200 Day SMA which is a bearish event. If the fall continues below 50% Fib level price may target the Golden ratio or the GAP which is likely to give a bounce.

  • Apple daily chart shows price approaching crucial resistance line.
  • On a breakout and close above this line, price will move towards the falling 200 Day SMA which is a major resistance level.
  • Apple is moving up from long term support levels as shown in the below link of the previous post. So the chances of a bigger breakout looks high.


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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