- Dow closing the hour and sustaining below 38.2% Fib level will push it towards 50% Fib level.
- Price staying below 200 Hour moving average will favor bears.
- Price has broken the trend line in hour chart next important support is at 12296 levels.
- DOW JONES PAUSING NEAR RESISTANCE LEVEL
July 27, 2011
YESTERDAY'S POST BEFORE BREAKDOWN
- ES has broken down from the triangle pattern and is not testing the 200 Hour moving average.
- Price staying below 200 Hour moving average will turn things in favor of bears completely.
- Getting support here may give an Up move for ES .
- BULL FLAG OF GOLD
- We saw a double bearish engulfing yesterday But price remains inside the range. Going up and down in between 50 and 200 DMA.
- Price closing below 5 Day Low Ema is being used as a buying opportunity because of the range. So one can wait till price breaks 50 Day Moving Average.
- Range 5496 - 5740
- Day Low EMA @ 5570
- 50 DMA @ 5515
- FLAG OF GOLD