May 8, 2015
- Facebook daily chart is testing 200 Day SMA. Bulls need to protect this line to avoid further correction
- Weekly chart is showing a Triple negative divergence with MACD. Triple divergence is a powerful reversal signal. But with all divergence price need to confirm the same with weakness or strength.
- Weekly bulls safe till price stays above 50 Week SMA.
- BIDU Chart analysis: CLICK Here
- First chart shows a head and shoulders and Descending triangle pattern. This one need price to close the week below 194 levels. Next level which bears need to break is 187 which is the 38.2% Fib level. For the pattern to work well The Fib level must break.
- Price sustaining below weekly cloud will also favour bidu bears for further correction.
- Last chart shows how the breakdown happened after bulls failed to stay above 200 SMA.
- For a possible bounce 7961 must hold. Candlestick pattern and the position of Indicators suggest a possibility of a bounce.
- Weekly chart though is not looking convincing for bulls yet. 7961 is crucial there as well. Weekly chart must show a long tail today indicator support at 7961 If not we may see 7723 levels next week.
- CRUDE Oil chart update: CLICK Here
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