May 29, 2014

  • Silver holding on to the support zone shown in daily and weekly chart.
  • Daily chart started moving down from the cloud. As long as price stays below it trend of silver will remain weak.
  • ES one hour is starting to move sideways.
  • If price stays above cloud and 50 Hour SMA the up move is likely to continue.
  • Price closing below 50 Hour SMA will lead to a range in ES.

  • EURUSD Weekly chart shows price moving towards lower bollinger band
  • Price if sustains below 200 SMA more lows are possible.
  • Immediate resistance at 4 Hour cloud. Possibility of a bounce only if price starts to stay above the cloud.
  • SBI Daily chart is closing in on 5 Day Low EMA Potential support line for the stock.
  • Weekly chart is forming a bearish pattern. If the current negative candle manage to engulf 75% of the previous bullish candle on closing basis then we have a Dark cloud cover pattern.
  • For bears next hurdle is the 2475 - 2530 zone which was previous resistance zone. This level may act as support if price tests it.

  • All charts shows the same thing. FB Testing confluence of resistance. 50% and Fib level and daily cloud are crucial. all FB bulls need is a strong daily close above this zone to target 67 levels.
  • A Bearish candle here will keep stock in this broad trading range between 55 and 63.


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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