March 21, 2014

  • Facebook one hour chart shows price near the apex of a contraction pattern. Below 66.50 - 66 levels may lead to 50 Day SMA.
  • Weekly chart shows negative divergence with many indicators. Chaikin Money flow index is shown here in weekly time frame. This divergence will only be effective on a weekly close below 66 levels.

  • Daily cloud of RCOM is acting as strong resistance.
  • Weekly chart too is getting resisted at 20 Week SMA.
  • Weekly MACD is looking good for bulls But price needs to break above the mentioned resistance levels for a bigger up move to happen.


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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