February 13, 2014

  • Apple daily chart shows price nearing the Ichimoku cloud and 50 Day SMA which may act as resistance levels.
  • Price is also about to close the GAP in daily chart. Weakness for the day if price stays below 533. Above 540 the GAP is likely to fade completely.
  • ES Weakness at resistance levels

  • ES 4 hour chart shows weakness at 78.6% fib level.
  • 30 Minutes has fallen below the cloud. 
  • Hour chart too shows weakness as it has violated the up trend line.

  • ICICI Bank moving in a channel.
  • Price has resistance at 200 Day SMA.
  • Daily MACD shows a bullish cross which will perform well only if price starts to trade above the channel and 200 SMA.
  • AXIS Bank Falling Wedge pattern

  • 4 Hour chart shows price unable to close above 78.6% Fib level.
  • 30 Minutes chart continues to get support at the cloud. If price stays below 78.6% then a correction is possible.
  • GOLD Moves above 200 SMA

  • Gold Daily chart shows price moving above 200 Day SMA. Price closing above this level may give an extended up move for gold. Weekly chart may extend the up move towards upper bollinger band.
  • 30 Minutes cloud shows immediate support level. Weakness if price starts to trade below the cloud.
  • ES Cloud Support


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"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