April 9, 2011

  • Ist chart is the Hour chart of SPX Which shows Price violating An ascending channel which is negative for bulls. Now price is moving in a range from 1325 - 1340. Break from this range will show the next direction.
  • Price has broken below 50 Hour moving average which is good news for the bears in the short term. If The pull back gets resisted at 50 Hour moving average we may see another correction.
  • Price in daily time frame is still above 50 day moving average which is the crucial level for Bulls. Bigger correction can be seen only if 50 DMA gets Broken.
  • Crude Oil Ascending Triangle Updated: CLICK HERE
  • Crude Oil's Ascending Triangle is giving big gains for the bulls.
  • Price has made a positive closing. Momentum looks strong in favor of bulls.
  • Next Resistance on chart is between $116 - $117 above which Crude can give another big move in favor of bulls.
  • Ascending Triangle of Crude was shown in a previous post.CLICK HERE TO SEE IT
  • Yesterday 200 Hour moving average acted as support.
  • Today price has managed to break the moving average.
  • If hour closes and sustains below 200 Hour moving average then trend may turn in favor of bears.

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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