August 23, 2011

  • Crude Oil four hour chart shows price converging towards the apex of  a consolidation pattern.
  • Price is trading between 79 - 89 levels.
  • So breakout or breakdown from the pattern shown above should take out either 79 or 89 for bigger moves to happen 
CHART-III
  • Price has rallied to the upper end of the range.
  • If hour does not close above 1153 we may see a correction here.
CHART-I
  • ES is still stuck in a range.
  • 50 Hour moving average is not showing any trend.
  • Price has to stay below 1111 or above 1153 for bigger moves to happen. 
  • SILVER CHART UPDATED
CHART-III
  • To extend profits bears shall stay below 42.25 level.
CHART-II UPDATED CHART
CHART-I POSTED YESTERDAY
  • Silver is trying to hard to stay above the broadening pattern.
  • But attempts of bulls to stay above 44 is being rejected.
  • As discussed in the previous post on silver Price falling below 42.25 will strengthen bears of silver.
  • CHANNEL OF PLATINUM
  • Nifty hour chart knocking at 50 Hour moving average.
  • This up move will continue only if price is able to close above this moving average.
  • Remember last time hour closed and traded above 50 Hour moving average was at 5600 levels.
  • Nifty has given an up move. 
  • Up move might pickup momentum above 4932 levels.
  • If this continues above 4932 then price may target the 5 day High EMA at least.
  • One shall remember the larger trend in mind before trying to take large long positions.
  • S&P 500 INTRADAY UPDATE
  • CHANNEL OF PLATINUM

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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