August 15, 2011

  • Silver hour will favor bulls if it can stay above 200 Hour moving average.
  • If price does not stay above this level we may see a correction
  • Second chart looks bullish But price has immediate resistance at 39.83. We might see good up moves if 39.83 level is taken out.
  • If the triangle breakout fails things will favor bears for a correction.
  • SILVER WEEKEND UPDATE
  • QQQ Four hour chart with Fibonacci levels shows price near 38.2% Fibonacci level.
  • Price is also near 20 Period moving average for four hour time frame.
  • So for bulls to extend profit they should sustain above these levels. 
  • GLD TREND UPDATE
  • GLD short term trend will favor bulls if they manage to hold on to the 50 Hour moving average. 
  • Dip below 50 Hour moving average may attract shorts.
  • Important level to watch is 167.75. Price staying below 167.75 may give a short trade. 
  • SILVER WEEKEND UPDATE

  • ES is unable to break above the resistance level marked in the first chart.
  • But for bulls price is staying above 50 Hour moving average which is favoring them.
  • Bears need to break price below 50 Hour moving average and 1154 level.
  • AAPL WEEKEND UPDATE
  • SILVER WEEKEND UPDATE
  • DEATH CROSS OF S&P 500

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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