March 14, 2014

  • Gold testing 78.6% Fib level. Bulls of gold must sustain above 78.6% to target 1420 - 1430 level which is the range High shown in Weekly time frame. The golden cross in daily time frame may also help Gold bulls to move higher.

  • Crude Oil bulls trying to protect key support levels in daily time frame. 
  • For now price looks like its pausing at these levels. Bears need a daily close below 100 SMA for extending this fall. Price may bounce back towards 100 levels before resuming the fall again.

  • Apple daily chart continues to trade in a triangle pattern. Price is near the apex of the pattern and will result  move out of the pattern soon. 
  • Price has given a bearish engulfing pattern and has closed back below 50 Day SMA Which will favor bulls for a bearish breakdown.


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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