September 14, 2011

  • GOLD Daily chart shows price moving towards the trend line.
  • If the trend line is held an upper breakout is possible
  • Four hour chart shows price in a triangle 
  • Crucial support here is 1792. If this number is held an upper breakout is possible
  • Price breaking the trend line and staying below 1792 may give a correction.
  • SINA has hit its weekly resistance line. 
  • One can remain short from near the resistance line with small stop loss
  • Risk reward ratio favors a short trade at this level.
  • SPY HITS RESISTANCE LINE
CHART-II UPDATED
CHART-I
  • SPY hits the resistance line at 118.60 and starts to come down.
  • Price has to stay above this resistance line for an up move to happen.
  • Failure to stay above the resistance line and falling below 117.56 may result in a bigger correction.
  • SPY RESISTANCE LEVELS AND GAP - YESTERDAY'S POST
  • ES Hits 200 SMA for four hour time frame
  • Twice  this line has helped bears with a correction
  • Now for the up move to continue price has to sustain above this level. 1203 will be the next resistance level if price manage to breakout.
  • SILVER REFUSING TO CLOSE BELOW 50 DMA
  • Daily candles are violating 50 SMA But they are not able to close below it.
  • Correction can sustain only if price makes a close below 50 SMA
  • Nifty futures moving into resistance zone.
  • Further up move will be possible only if price able to sustain above 200 Hour and 50 Hour moving averages.
  • This level will be challenging for bulls.

  • SBIN Weekly and Daily chart is moving down in a channel.
  • Daily chart shows price trending down below 20 day simple moving average.
  • Channel in daily chart is hinting the end of this down move. But Fibonacci levels suggest some more pain for bulls.
  • Breakout above the daily channel or a close above 20 day moving average may give an up move.
  • GAP and Resistance line may favor bears for a correction. Price may start to correct without filling the gap.
  • For bulls price need to break above the GAP and the resistance line.
  • GOLD SUPPORT AND RESISTANCE LEVELS

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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