September 30, 2013

  • Bank of America Weekly chart shows price testing the rising support line from 6.88 levels.
  • Daily chart is below 100 Day SMA, Strength for the stock on closing back above 100 DaY SMA and 13.96 level shown in chart 2 and 3. 

  • Price contraction continues in 4 hour time frame. Daily cloud is the crucial support. Closing below the cloud may lead to a breakdown from this contraction. For gold bulls the breakout is going to be tough as the overhead resistance levels looks strong.
  • CRUDE Oil Weekend update

  • ES one hour chart shows price trending down in a channel
  • 4 Hour chart shows price testing the crucial 200 period SMA. Sustaining below this level could lead to a bigger fall, Recent violations of this moving average has resulted in good trading moves.
  • Hope for bulls is in the Golden ratio and previous resistance level which may turn support.
  • IWM Weekend update
  • DOW JONES Weekend update

  • Tata Steel daily chart shows weakness as price trades below 20 Day SMA and 23.6% Fib level.
  • Weekly chart shows price trading below 5 Week High EMA.
  • For this week price should hold above 283 levels to avoid further correction. Below 283 price may fall towards its 20 Week SMA. Strength only on a weekly close above 300 which is the week High EMA.


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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