April 27, 2014

  • QQQ Daily chart shows a descending broadening wedge. Pattern breaks mostly on the opposite side of the prevailing trend.
  • Crucial support for qqq at 200 Day SMA.
  • Resistance at Daily cloud and 50 Day SMA.

  • Ambuja Cements daily chart shows a bearish engulfing pattern.
  • Price has crucial support at 20 Day SMA and 205 levels. 20 SMA should break on closing basis for the bearish engulfing to work well.

  • SPY Weekly chart shows possible Bearish PIN BAR, But correction if happens is likely to be small because of the up trend line from 134 levels.
  • Daily chart shows possible support at 20 day SMA and 38.2% Fib 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