June 6, 2014

  • Facebook daily chart shows price unable to close above the cloud.
  • Hourly chart seen near crucial support levels. Closing below them may result in bigger correction.

  • Bank nifty continues to trade in a range.
  • Fib levels shows price staying above 23.6%, Weakness only if price falls below this level. Bearish below 38.2% Fib level. Bulls need to stay above 23.6% Fib level to avoid a correction.
  • Rising 20 Day SMA too may act as support for BN Bulls.

  • Range breakdown was followed by a reversal which has taken price back above the range.
  • Pair took support near the support zone in daily chart.
  • For now pair is testing a support zone which was broken earlier and may act as resistance. Bigger up move only if price move back into the daily range shown in chart 3.


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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