March 24, 2014

  • Facebook daily chart shows price trading below crucial support zone.
  • Price is testing 50 Day SMA and nearing daily cloud. Price if sustains below 50 day SMA may target the GAP shown in first chart.

  • Gold weekly chart has a bearish engulfing pattern.
  • Engulfing pattern will gain strength if price starts to close below 50 Day SMA and 38.2% Fib level.

  • Nifty trading in a small range.
  • Price if shows weakness may retest the previous range's resistance level. Bigger weakness only if price starts to trade back into the previous range.
  • Last chart shows a possible weekly resistance line. Bulls must stay above this line to avoid a correction.


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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