March 22, 2015

  • Facebook weekly chart shows a Range breakout. Range is about 9 points, Which should take FB towards 90 levels if the breakout sustains.
  • Negatives for the breakout is the lack of volume increase in Weekly chart. There is not dramatic increase in volume. So weakness may resume if price closes back below 82 levels. Bulls need to protect 82 for targeting  90 levels
  • Weekly candle of Crude oil is giving some hope for the bulls of crude oil. But this one has to be confirmed by follow up price action.
  • Crude oil bull need a daily close above the cloud.
  • Daily close below the range did not happen for Bears. As the range was violated bears were unable to keep price below the support line. Now bears must hope for weakness near the Daily cloud.


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"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