December 26, 2013

  • Price staying below 200 Day SMA will be negative for the stock.
  • Weekly chart shows price breaking below the crucial rising support line from 8.81 levels. Next crucial support in chart is 14.3 level. Fib level shows 38.2% at 14.51.
  • Up moves from here may find it hard to cross 200 Day SMA.
  • SILVER Ascending triangle

  • Ascending triangle discussed below has resolved in favor of silver bulls

  • Silver one hour getting resisted at 200 Hour SMA.
  • One hour also looks like an ascending triangle. Pattern needs a close above 200 Hour SMA for  a bigger up move to happen. Closing below the rising support line may lead to 19.30 and 19.10 levels.

  • SBI daily chart trying to form a base around the 50 Day SMA as shown in first chart. Crucial support here is 1712 level. Close below 1712 will be bearish. For bulls need a close above 20 Day SM to gain strength.
  • Price yet to recover from the big bearish engulfing pattern in weekly chart. For this particular pattern need to break below 20 Week SMA for bigger falls to happen.


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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