February 26, 2014

  • Gold bulls trying to stay above 200 Hour SMA and golden ratio of One hour time frame.
  • Daily chart shows bearish price action at golden ratio. Bearish Daily candle here may give a bigger fall and thus breaking below the support levels shown in Hour chart.
  • SILVER reacting from weekly resistance levels

  • Silver 4 hour chart shows bearish price action from a consolidation pattern.
  • Weekly chart shows price reacting from the falling resistance line. Bearish weekly candle here may result in a bigger fall.

  • Daily chart of Bank of america shows price doing a consolidation in a Triangle pattern.
  • Weekly chart shows the larger trend remains up.
  • Price moving back above daily cloud may result in an upper breakout. Weakness on price closing below the cloud
  • BLACKBERRY Analysis after closing bell

  • Nifty daily chart shows price testing the GAP and Daily ichimoku cloud. Price need to stay above these levels for a bigger up move to happen
  • Price is testing the golden ratio now. Nifty managed to close above 50 Day SMA. Weakness here only if price closes below 50 day SMA.

  • Blackberry continues its bullish breakout from a bearish Descending triangle pattern. Price has hit a crucial resistance level at 10.85. Price although is moving away from 200 Day SMA has to take out the recent swing high of 10.85 for extending this up move.
  • Last chart also shows a possible bullish inverted heads and shoulders taking shape.

  • Crude oil daily chart testing previous resistance zone which may act as support. 4 Hour chart also shows price at the cloud and rising support level. 


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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