April 12, 2011

  • Crude oil has corrected back into the Ascending triangle pattern.
  • If it is a dip towards the breakout level Then correction will be limited and crude may go above 106.94 again.
  • If Price sustains below 106.94 level it will be negative for Crude oil.

  • ES Daily chart with 50 day moving average.
  • If Price does not Break 50 DMA soon we may see a bounce from this level.
  • Price in 15 Minutes chart is near its 50 Period moving average. If price sustains above 1314.50 a bounce is possible.
  • Staying below 1310 will favor bears.
  • Weekly chart of CNX - IT has given a shooting star candlestick pattern.
  • Price got resisted near 78.6% Last week and closed near 61.8% Fib level. If price continue to stay below the golden ratio we may see a correction in this index.
  • Bearish candle has formed below the Broken weekly trend line which can act as resistance.


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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