November 6, 2013

  • Facebook daily chart near crucial support levels.

  • Cisco daily chart managed to close above the down trend line and 200 Day SMA. Next resistance is at the 50 Day SMA. Closing above the 50 Day SMA and a weekly close above that level should start a bigger up move in CISCO. For bears of CISCO need the weekly trend line to break which is less likely to happen.

  • Gold 4 hour chart shows a small head and shoulders pattern. Neck line and 50% Fib level is acting as support for now. Resistance is at 38.2% Fib level and 200 period SMA. So gold must get out of this range for a bigger move to happen.


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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