May 15, 2014

  • BAC Bears extending gains below crucial support levels.
  • Price is moving away from 200 Day SMA.
  • Previous resistance level and 23.6% Fib level too has failed to stop the fall. Closing the day near the lows will extend weakness.

  • Daily chart shows es extending weakness.
  • Four hour chart shows price nearing crucial support levels like the cloud and rising support line. If holds an up move is possible.

  • TATA Steel daily and weekly chart shows price moving above resistance zone.
  • Now if the news event plays out well and price stays above the resistance zone we may see bigger up moves for Tata Steel.

  • ES 4 Hour chart shows price falling back into the resistance zone.
  • For the bears Daily chart needs to confirm weakness with a bearish closing.
  • Gold in a descending triangle with downside violations. Price unable to close below the support line to confirm a breakdown.
  • 4 Hour chart shows the triangle hitting the falling resistance line.
  • Bullish for gold only if price is able to sustain above the 50 day SMA.


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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