April 29, 2014

 
  • Apple moves above resistance zone
  • Weekly chart shows price above Golden ratio.
  • Week and month close above 575 and Golden ratio may target the Monthly upper bollinger band.

  • ES 4 hour chart shows crucial support zone. 
  • chart 2 and 3 shows immediate resistance and support levels in one hour time frame.
  • Bearish engulfing is not showing proper follow up both in price and volume. 20 Day SMA is also trying to act as support.
  • If price does not violate 20 SMA an up move is possible today.
  • Negative divergence will be of no use if price does not break 20 SMA
  • Crude oil daily chart shows price violating the up trend line. Sustaining below the trend line may extend the fall towards the shaded support levels.
  • Golden ratio is shown in 4 hour chart. Hope for crude oil bulls if price holds above the golden ratio.
  • Last chart shows price testing lower BB. Closing the day below lower BB May extend the fall.

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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