October 29, 2013

  • Bank of America testing 100 Day SMA again. Price is also nearing a possible support line. Sustaining above the support line on closing basis may lead to an up move.
  • Closing below the support line and below 13.91 may give a fall towards 13.60 levels. More weakness only on closing below 13.60 levels.
  • TESLA Weekly Chart analysis

  • Apple Month chart shows price testing 20 Month SMA. For Bulls of Apple price must close the month above this level for extending gains.
  • Weekly chart shows next resistance at 545 levels.
  • Hour chart shows  an up trend which is likely to extend on closing above 533 levels.
  • TESLA Weekly Chart analysis

  • Tesla Weekly MACD has given a bearish cross, Price falling below 20 Week SMA will add strength for this sell signal.
  • Daily chart sustaining below 50 Day SMA is good for Bears of TESLA. Bears need a close below 158 levels for further declines to happen. 
  • FACEBOOK Chart update

  • Facebook Daily chart shows price falling after two bearish engulfing patterns.
  • Price has closed below 20 Day SMA.
  • Sustaining below 20 SMA Price may fall towards lower BB or 50 Day SMA. Bulls must close back above 20 SMA to avoid a bigger fall.

  • SBI Daily chart shows a bearish engulfing at 100 Day SMA. So for bulls its very simple they have to trade above the last four days High for positive momentum to happen.
  • For bears though yesterday's price action is an advantage. But they have to break and stay below 1660 to start another down move. Bigger falls only if price is able to take out 50 Day SMA and the rising support line shown in second chart.
  • So Bullish above 1735+ levels and Bearish below 1660.


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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