February 28, 2015

  • Google Weekly chart shows price moving within a channel. Price for now is moving towards the resistance line.
  • Daily chart shows immediate resistance at 560. Daily close above 560 should take price towards the upper resistance line.
  • Weekly MACD is looking positive. This setup will gain strength if price is able to sustain above 596 levels

  • Facebook weekly chart shows weakness near range top
  • Daily candle shows a Bearish engulfing pattern. It is not a complete engulfing. Real body of the previous day's candle is engulfed which is enough to be considered as an engulfing pattern. This is significant because of the weakness near Weekly range top.
  • To confirm bearishness though price has to close below 78 levels. Its a sell only below 78 for a possible visit to the Range Bottom near 73 levels.


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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