May 17, 2014

  • Facebook daily chart shows a triangle shaped contraction pattern.
  • Breakout from the pattern may not give bigger up moves because of the cloud and crucial moving averages.

  • QQQ Testing confluence of resistance levels.
  • Price need to close the day above Golden ratio for bigger up moves to follow.
  • TATA Steel gave good up move on the news day but price has come back to the neck line of the bullish pattern.
  • Daily shows a big bearish engulfing pattern But this pattern needs to be followed up by more selling to confirm further bearishness. If the neck line holds another up move is possible.


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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