June 9, 2014

  • EURUSD Four hour chart shows price unable to stay above the coud.
  • Daily chart shows price moving down from near 200 Day SMA.
  • Second chart shows daily chart trying to close below a crucial support zone. 
  • Bank of america daily chart has moved above 38.2% Fib level and 50 Day SMA. Daily close above this level will strengthen bulls further.
  • Next weekly resistance is seen at 20 Week SMA.

  • Crude oil 4 hour chart trying to stay above 4 Hour cloud.
  • One hour chart shows possible resistance zone between 103  and 104. Bigger move on crossing this level.
  • Daily chart shows the up swing from 50 Day SMA. Bigger weakness only if 50 Day SMA is taken out on closing basis.

  • Tata steel continues to do well.
  • The weekly inverted head and shoulders pattern can reach a possible target of 640 levels approximately. If price continues to stay above 5 Day Low EMA then Bulls will have a safe journey towards the pattern target. Weakness on daily closing below this zone.

  • Nifty has closed above recent High's
  • Up move started from 20 Day SMA continues to gain momentum
  • Bulls are safeTill the Higher High and Higher Low structure for this up move remains intact


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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