October 15, 2013

 
  • ES One hour chart with immediate support levels



 
 
  • ES Four hour chart shows resistance at 78.6% fib level. Daily chart too is showing weakness at previous resistance area. These two levels has to be taken out on closing basis to extend the up move.
  • Supports are at 50 Hour SMA and the 61.8% fib level shown in four hour chart.
  • BANK Of America Chart update
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  • Dow Jones closed above 20, 50 and 100 Day SMA.
  • Next possible resistance is the Golden ratio. Closing above this level should give 15500 levels and the channel top.
  • MACD Bullish cross is also likely to favor bulls to extend this up move
  • BANK Of America Chart update
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  • First chart shows bac trying to breakout above the cloud. Closing above the cloud should give a bigger up move for the stock. price managed to close above 50 Day SMA. Weekly chart shows price moving up from rising support line. Price has to clear 14.8 levels on weekly closing basis for a bigger up move to happen. 





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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