December 15, 2013

  • Groupon daily chart shows the up move from 200 Day SMA. For now the bounce is getting resisted at 50% Fibonacci level.
  • Second chart shows weekly stochastic trying to turn up from oversold zone, This one need price to close above 20 Week SMA for an extended up move to happen.
  • Last chart shows the resistance line in daily chart. Daily close above this line may start another up move.
  • IWM Bullish Channel Update

  • IWM Weekly chart shows price correction towards the channel support line. Price also nearing the 20 Week SMA. Weakness in weekly chart only on price closing below 20 Week SMA.
  • Last chart shows Chaikin Money flow indicator in weekly time frame withe Negative Divergence. Price yet to confirm any weakness. For bears need price to close below 20 Week SMA for confirming weakness. 
  • CISCO Weekly Broadening pattern


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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