April 30, 2014

  • Gold continues to trade below the resistance line and 4 hour cloud.
  • Crucial support at 50% Fib level.

  • Bank of America weekly testing confluence of support levels at 50 Week SMA, Lower Bollinger band and support and previous resistance at 15.03. Bulls of BAC are hoping for a bullish weekly candle closing above these levels for a possible bounce to happen.
  • Weekly close below these levels may lead to bigger falls.

  • Ambuja cements 4 hour chart shows price testing crucial support zone. Closing the day below 197 levels will further weaken bulls of this stock.
  • bearish engulfing discussed earlier continues to perform well.

  • Bank nifty pausing at weekly resistance levels till the news event is over.
  • Price is likely to trade in a range in daily chart.
  • 20 SMA is crucial, breaking below it can take BN towards the bottom of the range.
  • Amazon weekly chart shows price violating the rising support line. Weekly close below this line may extend the fall. Amazon bulls hoping for a bullish weekly candle.
  • Daily chart shows breaking support levels. 
  • 4 Hour cloud may act as resistance on up moves.


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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