June 5, 2014

  • Bank of america moving towards 200 and 50 Day SMA.
  • Daily chart is nearing a death cross this level may act as resistance zone.

  • Gold trying to move up as shown in daily chart. But price has to break above crucial resistance levels in shorter time frames.
  • One hour chart shows 200 Hour SMA and Fib levels shown in 4 hour chart may act as resistance levels.
  • Positive if price starts to trade above 200 Hour SMA.

  • Ugly breakdowns in one hour and four hour charts. But daily time frame is closer to a crucial support zone.

  • HCL Nearing its 200 Day SMA.
  • Price has been facing stiff resistance at the hourly cloud. Long term trend of the stock can resume only if price gets back above the cloud.
  • Weekly chart shows oversold RSI. If price stays above the crucial moving averages an up move is likely.

  • ES one hour chart shows price above the hourly range.
  • Weakness only if price falls back into the range.
  • Bigger correction if 50 Hour SMA is broken. Hourly consolidation above the range looks bullish a continuation pattern is likely to play out.


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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