November 9, 2013

  • Weekly Hammer discussed last week continues to stay valid.
  • Fibonacci levels shows price taking support near 38.2% Fib level, This level must be held for sustaining the bullish view. Closing above 23.6% Fib level will add strength for Groupon Bulls.

  • USDINR Daily chart shows price trying to stay above 50 Day SMA. Price also testing 23.6% Fib level. Daily candles sustaining above these two levels on closing basis may extend this bounce beyond 63 levels. Next resistance level is at the daily cloud.

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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