November 20, 2013

  • Ford one hour chart shows an inverted head and shoulders pattern.
  • Price need to stay above 200 Hour SMA for the pattern to work well for bulls of Ford.
  • Bearish if price falls back below the hourly cloud again.
  • ES one hour testing crucial support line. Price must stay above this line to avoid a bigger fall.
  • One hour chart shows resistance at 50 and 100 Hour SMA. Price must get back above 100 Hour SMA and the hourly cloud to avoid bigger correction.

  • Tata steel weekly chart shows price approaching crucial resistance line and 78.6% Fib level. One has to wait for a weak candle in weekly chart before entering shorts here as the bullish momentum is still intact.
  • Hour chart shows crucial levels for weakness. Trading below 376 and 50 Hour SMA will hint of weakness. 

  • Bank of america daily chart shows price closing above crucial resistance zone at 15.03.
  • Weekly chart shows crucial resistance at 15.28. Price need to sustain above this level on closing basis to extend gains.

  • EURUSD Testing a crucial resistance zone. Price need to close above 50 Day SMA to extend the current up move.
  • Failing to close above 50 SMA and breaking the rising support line would resume the fall in this pair.


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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