February 19, 2014

  • Apple daily chart shows a bearish candlestick Ichimoku cloud.
  • Bearishness can be confirmed if price makes a lower closing today.
  • Price is testing 30 Minutes cloud. Weakness if price starts to trade below 30 minutes cloud.
  • ES Support levels
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  • ES one hour chart shows price testing 100 Hour SMA which may act as support levels.
  • Price also testing the cloud. Closing below these levels shows weakness which may lead to 1820 and 1800 levels.
  • Not breaking below the cloud will lead to new high's.



  • Axis bank has given a breakout from the Falling wedge pattern which was discussed in an earlier post.
  • There was a 50 point up move yesterday, But the volume increase although above average is not enough. There should be follow up increase in volume and price.
  • The stock is approachin crucial resistance levels like 50, 100 and 200 SMA between 1170 - 1200. Only a close above 1200 will confirm further strength for bulls.
 
  • Hourly cloud of gold is acting as support.
  • Daily chart of gold shows price nearing the golden ratio.
  • Weekly chart has Upper bollinger band as immediate resistance level.
  • Price sustaining above the hourly cloud will extend the up move. Weakness if price starts to trade below the hourly cloud.
  • CRUDE Oil Bullish 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