December 18, 2013

  • Apple daily chart shows price near rising support line. Price also near 23.6% Fib level and 50 Day SMA. 

  • Ford weekly chart shows price testing 50 Week SMA. Price has also violated 23.6% Fib level. Sustaining below 50 Week SMA will extend the fall towards 38.2% Fib level.
  • Daily chart shows price falling from a big descending triangle pattern and getting resisted at 50 and 100 Day SMA.

  • ES one hour time frame shows price trying to stay above the cloud.
  • Four hour continues to stay below the crucial 200 Period SMA. Four hour time frame will favor bears as long as price stays below this line.
  • Daily chart has a bullish setup as price stays above the crucial line which is acting as support.

  • First chart shows crucial support and resistance levels for axis bank in 30 Minutes chart.
  • Daily chart too shows 23.6% Fib level and 20 Day SMA near the GAP. So a daily close below the GAP would result in  bigger down fall.
  • Strength only on closing above 1283 levels.
  • Immediate supports for nifty is the Daily cloud, Golden ratio and the channel support line.
  • Price has closed below 20 Day SMA, Yet to break below 50 Day SMA convincingly which may give hope for bulls of Nifty for a comeback.
  • Price falling into the daily cloud on closing basis will favor bears to extend this down move further. 
  • AXIS Bank Intraday update >


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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