May 31, 2014

  • Apple weekly chart shows price hitting 644 levels. This level has acted as resistance before.
  • Price also testing 78.6% Around the same level as shown in 2nd chart.
  • Daily chart shows negative divergence, Price yet to confirm weakness though.

  • SBI Weekly chart shows a Dark cloud cover pattern. Opening of the current week's candle is perfect for the pattern, Closing could have been a little bit lower than the current levels to make the pattern more perfect and effective. 
  • Bearish pattern needs confirmation, The stock too is retesting a previous resistance zone which may act as support. Closing below 2470 levels will add strength for the pattern.
  • Fib levels and 20 Day SMA are immediate support levels. More weakness if price does not hold above them.

May 30, 2014

  • Apple weekly chart shows price moving above 78.6% Fib level. Weekly close above this level and 644 level shown in chart 2 will add further strength to apple bulls.
  • Immediate support at 15 Minutes cloud. Weakness on price sustaining below the cloud.

  • 4 Hour chart shows price continues give lower lows. No strength seen in price yet in this time frame.
  • for bulls of gold price need to move back above 61.8% for avoiding further correction towards 78.6% Fib level.
  • ES One hour shows bulls sustaining above the cloud and 50 Hour SMA.
  • 4 Hour chart too is moving in a converging channel. Break below the channel support line and a close below the cloud in One hour time frame can give hope for bears. For now though bulls remain strong.
  • Infosys gave another big volume bearish daily candle.
  • Price has violated the weekly previous resistance zone which was expected to act as support now. Week is falling back into the Weekly range. Bears need a weekly close into this range to extend gains further.
  • Hope for bulls now is in the Approaching golden ratio and the weekly cloud. If price does not bounce at these levels bigger falls can be seen.
  • Death cross has also done well. Price moved back to 50 Day SMA and got resisted there.

May 29, 2014

  • Silver holding on to the support zone shown in daily and weekly chart.
  • Daily chart started moving down from the cloud. As long as price stays below it trend of silver will remain weak.
  • ES one hour is starting to move sideways.
  • If price stays above cloud and 50 Hour SMA the up move is likely to continue.
  • Price closing below 50 Hour SMA will lead to a range in ES.

  • EURUSD Weekly chart shows price moving towards lower bollinger band
  • Price if sustains below 200 SMA more lows are possible.
  • Immediate resistance at 4 Hour cloud. Possibility of a bounce only if price starts to stay above the cloud.
  • SBI Daily chart is closing in on 5 Day Low EMA Potential support line for the stock.
  • Weekly chart is forming a bearish pattern. If the current negative candle manage to engulf 75% of the previous bullish candle on closing basis then we have a Dark cloud cover pattern.
  • For bears next hurdle is the 2475 - 2530 zone which was previous resistance zone. This level may act as support if price tests it.

  • All charts shows the same thing. FB Testing confluence of resistance. 50% and Fib level and daily cloud are crucial. all FB bulls need is a strong daily close above this zone to target 67 levels.
  • A Bearish candle here will keep stock in this broad trading range between 55 and 63.

May 28, 2014

  • Crude oil daily chart shows weakness at resistance zone.
  • Price must sustain above 4 hour cloud to avoid bigger correction.
  • Close below 23.6% Fib level and cloud may give a triple top formation in daily chart.

  • Gold continues to stay below the broken triangle pattern and support zone.
  • The golden ratio is getting tested now. If the Golden ratio is not held bigger falls are possible.
  • Weekly chart shows possibility of a triple bottom in the making.

  • One hour chart of SBI is seeking support at Golden ratio and 50 Hour SMA. 
  • SBI Bears need a close below these levels to extend the weakness in weekly chart. Weekly chart is moving toward a Dark Cloud cover pattern which can be confirmed only if the current weekly candle engulfs 75% length of the previous bullish candle.
  • If price takes support at 50 Hour SMA an up move is possible and thus avoiding a bearish pattern in weekly chart.

  • Reliance Industries daily chart is moving in a range between 1068 and 1145.
  • Price if takes support at Low EMA and Range support zone could start moving up again.
  • Weakness on closing day below 1068. 
  • Weekly candlestick so far shows bearishness, Price must close higher to avoid a bearish engulfing pattern.

May 27, 2014

  • Silver daily looks weak. Weekly chart yet to move out of the contraction 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