January 8, 2014

 
  • EURUSD Daily chart shows price testing 100 Day SMA and Rising support line from 1.27 levels. These two levels must break on closing basis for extending the current down move.


  • Blackberry daily chart shows price closing above 100 Day SMA and Daily Ichimoku cloud.
  • Weekly chart has also violated the 20 Week SMA. Blackberry bulls will gain further strength on a weekly close above 20 Week SMA. 
  • BANK OF AMERICA Resistance line and BEARISH ENGULFING
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  • Infosys Weekly chart with MACD shows triple divergence. Price continues to trade above 5 Week Low EMA. Further weakness on price trading below the range in daily chart and the Week Low EMA.
  • Despite the bearish view above taking position against a news event is risky. One should follow proper money management rules so that it doesn't hurt the capital in a big way. 
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  • Bank of America weekly chart shows price testing a possible resistance line. Bears of BAC need a weekly bearish candle at this stage for a possible correction or a sideways correction to follow.
  • Daily chart shows bearish engulfing pattern and Negative divergence both needs confirmation. Bearish weekly candle may confirm weakness.




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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