January 26, 2014

  • Daily chart shows price closing below the 20 Day SMA
  • Weekly chart continues to move in an ascending channel. Weekly chart has a bearish engulfing pattern. This engulfing pattern will be effective only on price breaking below the channel.
  • Last chart shows immediate support levels in daily time frame.

  • IWM Weekly chart shows a Bearish Engulfing pattern.
  • Current weakness may lead price towards the Weekly Middle Bollinger band. Up trend will weaken only if price starts to trade below 20 Week SMA and the Ascending channel shown in 3rd Image.


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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