February 26, 2015

  • Facebook weekly chart shows price in a broad range.
  • Daily chart shows price moving towards resistance level of 82.17
  • Weakness only if price falls back below 80.34 levels.
  • Bigger up moves only if price breaks out of the weekly range

  • Silver 4 Hour chart shows price testing down trend lines.
  • 4 Hour cloud too has acted as resistance so far. Silver bulls needs to stay above the cloud for bigger up moves to happen.
  • One hour chart shows price trying to move above a range.

  • Nifty Daily chart shows immediate support and resistance levels. Weakness if price stays below 8726 levels.
  • 2nd chart shows Diverging price and RSI Channels. This is a negative setup which needs confirmation. Price needs to break below this pattern for this one to work well for bears.
  • Another support is the the Rising 100 Day SMA. Attempts by bears to stay below this line has failed so far. Bigger weakness if price stays below this line.


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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