March 22, 2011

CHART-III
  • Crude Oil touched a high of 106.33 and is correcting from there. But if continue to stay above the resistance band we will see crude oil prices moving higher.
CHART-II
  • Crude Oil has given a breakout above the resistance line staying above 105 can target 108 for Nymex Crude.
CHART-I
  • Crude Oil Hour chart is showing resistance between 104.10 - 104.40 level.
  • Hour closing above this band will be positive for the bulls of crude oil.
  • Failing to stay above this will be negative. Staying above 50 hour moving average is also important for the bulls of crude oil
  • SPY  5 Minutes chart still trading in the narrow range created yesterday.
  • Break of 129.20 or 130.01 may give the next direction.
  • ES Hour has violated the Ascending channel in which price was moving up steadily.
  • Price is above 200 hour moving average which will favor bulls.
  • Today it has moved in a range so far from  1287 - 1296. Violation of this range may give good direction.
  • GOLD DAILY CHART ANALYSIS

  • SBI is approaching the apex of the triangle pattern.
  • Stock is trading below all major moving averages. 
  • If stock remains in this setup we may see a breakdown below the support line.
  • Trade after a breakout or breakdown as both possibilities exist.
  • CRUDE OIL RESISTANCE LINE

  • Gold daily chart with support and resistance lines.
  • An upper breakout from this pattern can target 1475 level and above for Gold.
  • Support line break can  be negative and will give targets of 1380, 1360 and lower.

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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