December 31, 2014

  • EURUSD Monthly chart shows a slanting support line. Second chart shows price at 50% Fib level. Some more downside likely before a bigger bounce could happen.
  • Daily chart if starts to trade above the cloud can confirm a bigger bullish trade. Staying below the cloud the correction is likely to continue.
  • Apple is likely to remain in a Fibonacci range. Mostly stocks tend to range between 61.8% and 38.2% before a big move happens.
  • Weekly chart shows price still in an up trend. Good buying opportunity may come if price test the up trend line again.
  • Immediate resistance at 114. Support levels are 50 Day SMA and 111 level.



 
  • Reliance weekly chart shows possible rising trend line.
  • Second chart shows resistance zone between 910 - 930 level. Fib level also shows broken golden ratio around this zone. So bullish only if price manage to close above this zone.
  • Reliance will remain weak on staying below this zone. Breaking below the trend line will strengthen bears of reliance industries.


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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