November 22, 2013

  • Gold 4 hour chart shows price breaking support levels.
  • Price continues to move down in a channel.
  • Daily and weekly close below 1250 - 1262 zone may extend the fall in Gold.

  • INTEL Weekly chart shows a triangle breakout. Today's close outside the pattern will confirm the breakout.
  • Immediate resistance levels are the Golden ratio at 25.43 and swing high at 25.98. On a bullish close for the week these two levels are likely to be tested soon.
  • BANK Of America Chart update

  • TCS Has closed below 50 Day SMA. Price is also trading below 23.6% fib level. So if the stock sustains below 50 SMA it could fall towards 38.2% Fib level at 1923.
  • Weekly bearish cross also makes the stock weak and may give bigger falls in the short term.
  • This bearish view will be negated if price starts to trade above 50 Day SMA.


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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