May 1, 2014

  • Facebook moving back to the resistance zone discussed earlier.
  • Weakness at the resistance zone may give another selling opportunity.

  • ES charts near resistance levels
  • One hour chart shows immediate support at 50 Hour SMA. Closing below this level may give a bigger fall.
  • Crude oil testing crucial support levels.
  • Sustaining below these levels bigger correction is possible.
  • Must get back above 200 Day SMA on daily closing basis to avoid bigger falls.
  • Nifty daily chart shows price bouncing from the support zone. Nifty bulls also had the lower bollinger band at this level.
  • Immediate resistance at 20 day sma.
  • Weekly chart shows the bearish candle leading price towards 5 Week Low EMA. Only a weekly close below this line will  extend weakness.


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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