January 3, 2014

  • Price near previous support level, 50 Day SMA and Lower Bollinger band.
  • Close below 50 Day SMA and 538 levels may give an extended fall. Bullish candle at 50 Day SMA may reverse the fall.
  • BANK Of America Trend update

  • Crude oil 4 hour chart shows price pausing at the crucial Golden ratio. Crude oil bulls must protect this level to avoid further damage.
  • Daily chart looks more bearish as price stays below 50 Day SMA.
  • Weekly candle shows a big bearish candle which eclipsed the recent up move. Closing at the lows may lead to the crucial 200 Week SMA again in the coming week.
  • BANK Of America Trend update

  • Up trend of the stock continues to be strong. For weakness in chart price should close below 15.03 levels which is unlikely to happen in the near term.
  • Sustaining above 15.98 price is likely to test 17 levels and Higher in the near term.
  • EURUSD Bearish Price ACtion

  • ES 4 Hour chart shows the Right angled broadening pattern. Price is falling back to wards the resistance level of this pattern which may act as support.
  • For now price is testing 23.6% Fib level and 50 Period SMA. Sustaining below these levels will extend the fall towards the resistance zone of the pattern which may act as support.
  • EURUSD Bearish Price ACtion


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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