May 11, 2014

  • INTEL Daily chart shows a bull flag pattern.
  • Bullish only on price closing back above 20 Day SMA
  • Crucial support at 50 Day SMA.

  • Ebay Weekly support levels discussed last week has failed to held. Price has closed below 100 Week SMA and the Weekly cloud.
  • Bulls may hope for the weekly range to stop the fall. 
  • Price closing below the range will extend the fall in EBAY.

  • Daily chart of QQQ Shows multiple resistance levels in 50 and 100 SMA. Daily cloud too is acting as stiff resistance level.
  • Weekly chart is also forming a bearish pattern Provided price stays below 88.20 levels. Daily close above 88.20 levels may shift momentum in favor of Bulls of QQQ. 


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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