May 28, 2014

  • Crude oil daily chart shows weakness at resistance zone.
  • Price must sustain above 4 hour cloud to avoid bigger correction.
  • Close below 23.6% Fib level and cloud may give a triple top formation in daily chart.

  • Gold continues to stay below the broken triangle pattern and support zone.
  • The golden ratio is getting tested now. If the Golden ratio is not held bigger falls are possible.
  • Weekly chart shows possibility of a triple bottom in the making.

  • One hour chart of SBI is seeking support at Golden ratio and 50 Hour SMA. 
  • SBI Bears need a close below these levels to extend the weakness in weekly chart. Weekly chart is moving toward a Dark Cloud cover pattern which can be confirmed only if the current weekly candle engulfs 75% length of the previous bullish candle.
  • If price takes support at 50 Hour SMA an up move is possible and thus avoiding a bearish pattern in weekly chart.

  • Reliance Industries daily chart is moving in a range between 1068 and 1145.
  • Price if takes support at Low EMA and Range support zone could start moving up again.
  • Weakness on closing day below 1068. 
  • Weekly candlestick so far shows bearishness, Price must close higher to avoid a bearish engulfing pattern.


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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