November 8, 2010

  • As discussed below GOLD has crossed 1400.
  • Sustaining above 1400 this commodity can touch 1420 in the short term.
  • Gold has broken 1387 as discussed below and has made an all time high.
  • Next target is 1400.
  • Gold may hit another all time high soon.
  • 1387 in weekly chart will remain as a resistance area. But today's price action seems to be have enough momentum to take out 1387.
  • EURUSD Four hour chart with the triangle breakout which is being tested now.
  • Support levels for this correction is at 1.3890.
  • Zone of 1.3770 - 1.38 can also give support for the pair.
  • Possibilities of a busted pattern increases if price starts to trade within the triangle pattern which gave an upside breakout.
  • US DOLLAR Weekly charts
  • ES 30 minutes in a triangle 
  • breakout from this triangle pattern will give good direction
  • above 1221 things may favour bulls for a continuation of the larger trend 
  • below 1216 will favour bears for a likely test of 1212 area and a bounce from there.
  • US DOLLAR Weekly charts

  • Nifty daily chart with broadening top pattern.
  • 6284 is an important area. If nifty closes below this region today that may give a correction. Below 6284 nifty has support at 6235 and 6188.
  • Friday's price action also shows a breakout of a range above 6284. So if nifty closes below 6284 that will be negative.
  • Price closing above 6284 and if it closes into friday's price action that will favour bulls again.


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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