January 1, 2014

  • IWM Daily chart shows price testing resistance line. Daily RSI is nearing overbought zone. Overbought RSI has given sideways to negative price action as shown in 2nd chart.
  • Last chart the weekly time frame shows the Negative Divergence which has not given a big correction yet. Bears need to break below the rising channel for a bigger down move to happen.
  • FACEBOOK Chart update

  • Facebook Daily chart has formed  a Bullish Harami. This is a reversal pattern which works well when formed at crucial support or resistance levels. I have given the link containing the explanation for the pattern below this post.
  • Day has paused above 20 Day SMA and 38.2% Fib level. More falls only if these levels are taken out on closing basis. 
  • Weekly bearish candle formed at Upper Bollinger band continues to be valid.


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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