June 12, 2014

  • Gold daily chart shows price nearing multiple resistance levels.
  • For this bounce to sustain gold bulls need to close daily candle above these resistance levels.

  • Crude oil daily chart shows breakout from an Ascending triangle like pattern.
  • Price is moving towards 78.6% Fib level in weekly chart which may act as the next resistance zone.

  • Facebook moves above the resistance zone at 64 levels and is trying to stay above the cloud.
  • For now price is testing the Golden ratio. Once bulls closes above golden ratio a bigger up move is possible. Weakness only if price falls back below 64 levels again.
  • TESLA Motors Chart analysis
  • Tesla motors daily chart shows immediate support at 20 Day SMA and 38.2% Fib level.
  • Daily cloud is acting as stiff resistance as shown in chart 3. For bigger up moves to happen price must breakout above the cloud. Daily chart looks like its trying to put up a bottom in place just above the 200 Day SMA. Bigger weakness only if the 200 SMA is taken out on closing basis.
  • Immediate support levels for nifty at 7563 and 7504.
  • MACD Histogram and price shows negative divergence For this to work price has to close below 5 Day Low EMA and the above mentioned support levels.
  • If price stays above these levels the negative divergence is likely to fail.


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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