May 27, 2014

  • Silver daily looks weak. Weekly chart yet to move out of the contraction pattern.
  • 30 Minutes cloud continues to act as short term support for ES Bulls.
  • Weakness only if price falls below the cloud and 50 Hour SMA.
  • 4 Hour chart shows price moving away from recent resistance zone. Hope for bears only if price falls back below this level.

  • Gold daily chart has violated the support line of the triangle pattern. Daily close below the pattern will strengthen gold bears.
  • Daily support zone around 1270 must go for bigger down moves to happen.

  • Facebook is trying to stay above its 50 Day SMA.
  • 2nd chart shows a clear triangle breakout towards higher levels.
  • Last chart the weekly time frame shows price struggling at 20 Week SMA. Previous weekly candles failed to close the week above this level. Week must close above 20 Week SMA for bigger up moves to happen.

  • One hour closing below 50 Hour SMA may extend the fall.
  • Crucial support zone between 7172 - 7206
  • 4 Hour chart shows fib support at 38.2% Fib level.

  • Reliance communication has its 38.2% Fib level and 5 Day Low EMA around 135 levels.
  • 135 levels is also a previous resistance zone which is trying to give support.
  • Bigger weakness for the stock only if price starts to trade below 38.2% Fib level on closing basis.

  • DLF Weekly chart shows weakness at golden ratio.
  • Price movement was dramatic and Gave a Big bearish engulfing pattern But there was not big change in volume. Bearish engulfing needs more confirmation.
  • More weakness for the stock if it starts to trade below 23.6% Fib level.


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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