January 15, 2015

  • Trend in daily chart is yet to be tested.
  • 4 Hour time frame is unable to stay above the cloud
  • One hour chart has moved above the cloud. Price falling back below the hourly cloud may resume the fall.




 
  • ES around the same levels as updated yesterday. Bears need a close below 200 SMA which may increase the downward momentum further. Bulls trying hard to protect 200 SMA.
  • BANK OF AMERICA BELOW 200 DAY SMA
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  • Bank of America has closed below 200 Day SMA. But there is hope for bulls as the last fall was followed by good up move. Risk of further fall if yesterdays lows gets tested again.
  • Crucial supports now for Bulls to defend are the weekly cloud and Golden ratio shown in last chart.
  • SBI Daily is in a triangle pattern.
  • Weekly chart with MACD Shows negative divergence
  • Immediate support at 50 Day SMA. Closing below 50 SMA and Triangle may result in bigger correction.
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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