May 30, 2014

 
  • Apple weekly chart shows price moving above 78.6% Fib level. Weekly close above this level and 644 level shown in chart 2 will add further strength to apple bulls.
  • Immediate support at 15 Minutes cloud. Weakness on price sustaining below the cloud.
  • GOLD TRIANGLE UPDATE
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  • 4 Hour chart shows price continues give lower lows. No strength seen in price yet in this time frame.
  • for bulls of gold price need to move back above 61.8% for avoiding further correction towards 78.6% Fib level.
  • ES One hour shows bulls sustaining above the cloud and 50 Hour SMA.
  • 4 Hour chart too is moving in a converging channel. Break below the channel support line and a close below the cloud in One hour time frame can give hope for bears. For now though bulls remain strong.
 
  • Infosys gave another big volume bearish daily candle.
  • Price has violated the weekly previous resistance zone which was expected to act as support now. Week is falling back into the Weekly range. Bears need a weekly close into this range to extend gains further.
  • Hope for bulls now is in the Approaching golden ratio and the weekly cloud. If price does not bounce at these levels bigger falls can be seen.
  • Death cross has also done well. Price moved back to 50 Day SMA and got resisted there.

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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