September 1, 2011

  • Gold has given a breakout from the range it was trading in. Now price may retest the all time high it made last month.
  • GOLD Four hour is showing a range from 1811 - 1840 area.
  • 50 Period moving average for this time frame is also moving flat.
  • But the four hour candles are not closing below 50 Period moving average which is showing some strength for bulls. If price sustains above 50 period moving average we may see a breakout on the upside.
  • On the contrary a four hour candle closing below 50 Period moving average may give good correction for gold.
  • 100 DAY SMA is acting as stiff resistance for  CISCO.
  • Four hour chart is shown with support and resistance lines. Candles closing above or below these lines may give good direction for CSCO.
  • Price has broken the blue dotted line shown in the below chart. As of now it is looking good for bears.
  • If price continue to stay below the resistance line it may target or reverse to the 50 period moving average of four hour time frame.
  • SPX Four hour chart Hits the parallel line and is getting ready for a correction
  • If price breaks the blue dotted line we may see a fall in SPX.
  • For bulls price need to break above this pattern.


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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