June 13, 2014

  • Silver is testing the Long term resistance line from 49 levels.
  • Daily chart is trying to enter bullish territory. Price need to close and stay above the daily cloud for bigger up moves to happen
  • Unable to break above the daily cloud means weakness.

  • ES 4 hour chart shows Bulls trying to protect the cloud. Closing below the cloud may further weaken the bulls here.
  • Close below the cloud and the Second support zone shown in chart 3 may give a bigger fall towards the 3rd shaded area. Taking support at the cloud will negate the bearish possibility.

  • Bank of america faded the GAP and is showing weakness after that. Price unable to move into the daily cloud has now closed below 200 SMA. Bulls must get back above 200 SMA to avoid further correction.

  • For Infosys bulls price needs to move above the resistance line and 200 Day SMA for bigger up moves to happen. For now price is showing weakness near both these levels.
  • Last chart shows the weekly Ichimoku cloud trying to save Infy Bulls from bigger falls. If the cloud holds a bounce is possible.
  • ES 4 Hour chart shows price breaking the rising support line and violating horizontal support levels. Price is near a previous resistance level which may act as support. 
  • 4 Hour cloud is getting tested. Fib level shows price staying below 23.6% level which is not good for bulls as price may correct towards 38.2% Fib level before moving up again.


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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