June 20, 2014

  • Daily chart shows previous resistance level acting as support which was the scenario discussed earlier. Now that the first touch at this level has given a bounce if tested again its unlikely to hold.
  • 4 Hour chart shows crucial support levels.

  • AMAZON Daily chart shows weakness at 100 Day SMA. Candlesticks shows a bearish engulfing pattern.
  • Price trying to move above the daily cloud. Bulls unable to close above the cloud for now.
  • Price is stuck between 50 and 200 Day SMA. A bigger direction only when these moving averages gets broken again on closing basis.
  • Immediate range is between 323 and 340. Violating these numbers may increase volatility for Amazon.

  • EURUSD 4 Hour chart shows price falling back into the cloud. Recent attempt to stay above the cloud of this time frame too has failed.
  • Daily chart shows weakness as pair nears 50 and 200 Day SMA. Pair also nears a death cross in daily time frame as 50 SMA is about to cross below the 200 Day SMA.
  • Performance of Death cross will be decided by the weekly up trend line. If this line goes the death cross will look good. 


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"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