October 3, 2013

  • ES 4 hour chart shows price testing 200 period SMA
  • 4 Hour chart with fib levels shows price testing golden ratio.
  • Daily chart is at Ichimoku cloud which has to be held to avoid a bigger fall.
  • ES Descending triangle breakdowns
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UPDATED CHART
  • Descending triangle shown below has given a breakdown in favor of bears. Weakness will persist as long as price stays below 1675 levels.

CHART-I
  • ES Hour chart shows a descending triangle pattern. Hourly close below the support zone shown in first chart may extend the fall.
  • Crucial resistance at 200 Hour SMA. Bulls need to sustain above 200 Hour SMA For a sustained up move to happen
  • TESLA Motors chart analysis
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  • Tesla Motors takes support at 20 Day SMA for now.
  • Previous resistance level and 23.6% Fib level at 173 will make it a strong support area. Further Weakness  for Tesla only on closing below 173 levels.


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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