November 14, 2013

  • Gold four hour falling down in a channel. Unable to break above the resistance line will resume the fall.

  • Daily chart shows price rising from 100 Day SMA. Price has closed above 50 Day sma.
  • Up move should continue if price sustains above 50 SMA. Closing above 87 will strengthen bulls further for 93 plus levels. 86-87 area has acted as resistance in the past.

  • SBI Four hour chart shows resistance at 1750 levels 38.2% Fib level and 50 period SMA. Closing above this level may take stock towards 1800 levels.
  • Crucial support at 50 Day SMA. Retest of this level may lead to another correction.

  • BAC Testing the resistance line in daily chart. Momentum in price may give a breakout above this line. 
  • Last chart shows the trend of the stock and the next logical target is at 15.31 levels.


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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