September 2, 2011

  • Crude oil four hour chart shows price correction towards the support line.
  • Price has got resisted at the 200 Hour moving average of four hour time frame.
  • If price gets support at the trend line then an up move will be possible only on a breakout above the moving average shown in the second chart.
  • Range of gold shown in yesterdays post has given a breakout.
  • Price now will target the all time high made last month.

  • EURUSD showing bearish price action. 
  • US dollar is showing bullish price action.
  • If this move sustains then its no good news for stock markets.
  • IF 50 period moving average of four hour time frame gives support we may see an up move from this level.
  • If candles starts to close below this moving average then ES may move towards the black trend line.
  • For bulls of reliance the resistance band in daily chart is between 812 - 828 level.
  • For price to change its bearish structure day candle has to close above 828.
  • Getting resisted at 828 levels will be negative for the bulls of reliance.

  • Nifty is running into resistance levels.
  • 20 Day SMA acts as strong resistance during a down move. If price manage to cross that then nifty has to cross 38.2% Fib levels.
  • Daily indicators are triggering a Buy, Weekly indicators have also started to turn up, But price has to follow up for bulls to make gains.
  • A combination of Fibonacci levels and Weekly resistance levels managed to stop the bulls for now.
  • But i doubt if this one has the strength to break the recent lows.
  • If price does not break the recent lows then as mentioned in the last chart a retrace towards the broken wedge support line is possible.
  • Breaking below 1101 will negate such a possibility 


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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