January 12, 2015

  • Bank of america testing crucial support zone
  • Closing below 100 Day SMA may result in bigger falls.
  • Bulls need to protect this zone with a bullish reversal candle here.

  • ES 4 Hour chart continues to act as stiff resistance.
  • More weakness if Golden ratio is tested again. Staying above golden ratio an up move is possible towards the swing high in hourly chart.

  • Daily time frame in a contracting triangle pattern.
  • Weakness in daily chart only if price manage to close below 100 Day SMA again. 
  • Weekly up trend is also remaining strong as weekly candle managed to close above 20 week SMA.


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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