December 16, 2013

  • EURUSD Month and Weekly chart shows price nearing multiple resistance lines. Daily chart too is nearing the recent swing high. Price is likely to give a breakout above the swing High But the upside could be limited because of the resistance lines in weekly and monthly charts.
  • ES Support and Resistance lines
  • ES Daily chart shows price getting support at a sloping line which acted as resistance previously. For bears price must close below this line for a bigger correction to happen.
  • One hour chart shows fibonacci resistance levels. Price is likely to test 50% Fib level. 4 Hour chart shows price below crucial moving averages like 50 and 200 period SMA.
  • GROUPON Weekend update

  • JP Associates weekly chart shows a perfect bearish engulfing pattern at 50 Week SMA. First chart shows a failed attempt to close above the weekly falling resistance line. Price closing below the rising red support line may extend the fall in this stock.
  • Closing below 50.55 levels will favor bears. For bulls price should close above 50 Week SMA which looks a tougher target to achieve for now.
  • NIFTY Weekend update

  • Daily candle at 50 Day SMA looks like a bearish pin bar. This is a powerful reversal pattern But need confirmation with a lower opening and a bearish close with High volume increase. So price sustaining or closing below 145 levels may give a bigger correction
  • Weekly chart is yet to show weakness and has immediate resistance levels at 20 Week SMA and 23.6% Fib level as shown in chart two and three respectively. 
  • Weekly close above 20 Week SMA will extend the current up move. Bears need a weekly close below 145 levels.
  • IWM Bullish Channel Update
  • GROUPON Weekend update


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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