May 26, 2014

  • Crucial short term support for ES at 30 Minutes cloud.
  • 4 Hour chart shows price breaking above recent resistance zone. Weakness for the day only if price falls back below this zone.

  • Price moving in favor of the bullish pattern in Tata Steel.
  • Next resistance in daily chart is at 485
  • Weekly resistance is between 500 and 503. 500 Being  a crucial round number its important for bulls to close above this resistance zone to increase the upward momentum.

  • Ford Motor weekly chart seen here in a Triangle contraction pattern. 
  • Weekly will favor bulls as long as price stays above 20 Week SMA. Weekly chart will gain momentum on closing above 16.27 levels which is also the 50 Week SMA.
  • Weakness on price closing below 20 Week 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