April 24, 2014

  • Facebook 4 hour charts with multiple resistance levels.
  • Strength only on closing above 100 period SMA.
 
 
  • Crude oil 4 hour chart needs to stay above 100 period SMA for a bigger up move to happen.
  • One hour chart shows possible resistance levels.

 
  
  • Crucial support for one hour chart at 50 Hour SMA and the Hourly cloud.
  • Previous resistance zone shown in 4 hour time frame too is acting as support so far.
  • For bears need an hourly cloud break on closing basis for a possible correction to follow.

  • Daily chart of CNX IT is consolidating after a down move, This is most likely a bearish continuation formation. Crucial level to watch is the 9050 level shown in first chart. If 9050 goes on weekly closing basis it will further weaken the long term trend.
  • For bulls of CNX IT price must get back above 50 and 100 SMA to avoid a test of 200 Day SMA.

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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