September 19, 2011

  • AAPL daily chart showing today's big move.
  • Price may continue this move till 418 levels before a pullback can happen.
  • Four hour chart of gold shows a bullish reversal pattern
  • Daily chart shows price testing 50 Day moving average. This is the second test of this moving average in a short span of time. So if this average does not hold then we may see bigger correction in gold.
  • Price getting support here may give good upsides and a breakout from the falling wedge pattern.
  • Copper four hour chart with the descending channel
  • Price is falling towards the channel support line.
  • Copper may find support near 3.74 levels.
  • GOLD DESCENDING TRIANGLE UPDATE
  • CRUDE OIL HITS THE SUPPORT LINE
  • Price staying below 50 hour moving average will favor bears.
  • For bulls price need to breakout above the hourly cloud for a meaningful up move to happen. Moving above 1200 may give momentum for bulls. Below 1186 bears can extend this down move.
  • S&P 500 WEEKEND UPDATE
  • CRUDE OIL HITS THE SUPPORT LINE
  • Crude oil hits the support line of four hour chart.
  • Its make or break time.
  • Breakdown may lead to 85, 83 and below that price may retest 75 levels.
  • Getting support here may result in a small bounce
  • GOLD DESCENDING TRIANGLE UPDATE
  • If week starts sustain above 5195 or a weekly close above 5195 Then the positive divergence shown above will starts to show its effect. This also may lead to the failure of descending triangle pattern which is bullish. 
  • As of now price is staying in the lower part of the channel as shown in the last chart. Above bullish possibility will be possible only if weekly candles start to close above 5195. Bulls should also keep in mind the GAP between 5230 - 5300 if price gets there.
  • A similar Descending Triangle Failure played out in GOLD Four hour chart last week.
  • GOLD DESCENDING TRIANGLE POST UPDATED

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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