April 30, 2014

  • Gold continues to trade below the resistance line and 4 hour cloud.
  • Crucial support at 50% Fib level.

  • Bank of America weekly testing confluence of support levels at 50 Week SMA, Lower Bollinger band and support and previous resistance at 15.03. Bulls of BAC are hoping for a bullish weekly candle closing above these levels for a possible bounce to happen.
  • Weekly close below these levels may lead to bigger falls.

  • Ambuja cements 4 hour chart shows price testing crucial support zone. Closing the day below 197 levels will further weaken bulls of this stock.
  • bearish engulfing discussed earlier continues to perform well.

  • Bank nifty pausing at weekly resistance levels till the news event is over.
  • Price is likely to trade in a range in daily chart.
  • 20 SMA is crucial, breaking below it can take BN towards the bottom of the range.
  • Amazon weekly chart shows price violating the rising support line. Weekly close below this line may extend the fall. Amazon bulls hoping for a bullish weekly candle.
  • Daily chart shows breaking support levels. 
  • 4 Hour cloud may act as resistance on up moves.

April 29, 2014

  • Apple moves above resistance zone
  • Weekly chart shows price above Golden ratio.
  • Week and month close above 575 and Golden ratio may target the Monthly upper bollinger band.

  • ES 4 hour chart shows crucial support zone. 
  • chart 2 and 3 shows immediate resistance and support levels in one hour time frame.
  • Bearish engulfing is not showing proper follow up both in price and volume. 20 Day SMA is also trying to act as support.
  • If price does not violate 20 SMA an up move is possible today.
  • Negative divergence will be of no use if price does not break 20 SMA
  • Crude oil daily chart shows price violating the up trend line. Sustaining below the trend line may extend the fall towards the shaded support levels.
  • Golden ratio is shown in 4 hour chart. Hope for crude oil bulls if price holds above the golden ratio.
  • Last chart shows price testing lower BB. Closing the day below lower BB May extend the fall.

April 28, 2014

  • ES Hourly cloud acting as resistance.
  • 4 Hour chart shows support levels.

  • Gold daily chart shows crucial support at 100 day SMA.
  • 4 Hour chart shows resistance line and cloud as crucial resistance levels. Sustaining above these two levels may give a bigger up move.

  • Bharti Airtel weekly chart shows price contraction in a triangle pattern.
  • Price is nearing the upper resistance line of the triangle pattern. Staying 338 levels price may target 354 and the resistance line. 
  • There is negative divergence with macd and price but there is not trigger yet for a sell. weakness on closing below 338 levels

  • AMAZON Weekly chart shows price at the crucial up trend line.
  • Earlier daily chart got resisted near 50 and 200 Day SMA,
  • Month chart is testing 20 Month SMA. Month closing below this level will strengthen amazon bears. 

April 27, 2014

  • QQQ Daily chart shows a descending broadening wedge. Pattern breaks mostly on the opposite side of the prevailing trend.
  • Crucial support for qqq at 200 Day SMA.
  • Resistance at Daily cloud and 50 Day SMA.

  • Ambuja Cements daily chart shows a bearish engulfing pattern.
  • Price has crucial support at 20 Day SMA and 205 levels. 20 SMA should break on closing basis for the bearish engulfing to work well.

  • SPY Weekly chart shows possible Bearish PIN BAR, But correction if happens is likely to be small because of the up trend line from 134 levels.
  • Daily chart shows possible support at 20 day SMA and 38.2% Fib level.

April 26, 2014

  • Week and Daily charts candlesticks are showing some bearishness. Both these patterns need confirmation with follow up candles.
  • Weakness can extend if daily starts to close below 20 Day SMA. Rising up trend line shown in last chart is also crucial for bulls to hold above.


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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