October 5, 2011

  • This is a continuation of the previous post.
  • Price has broken above the resistance line in hour chart.
  • Now it has to close above 200 Hour SMA for continuing this up move.
  • ES unable to cross the resistance line on this attempt. Correction if limited to 50 Hour SMA we might see another successful attempt to break above the resistance line.
  • ES staying above 50 hour moving average will favor bulls.
  • But price has to break and sustain above the resistance lines for continuing this bounce.
  • Failing to move above the resistance line may resume the fall.

  • Crude oil daily chart with support and resistance lines.
  • Price is testing support line drawn at 75.67.
  • Price is able to stay above it for now.
  • Bears of crude oil need daily candle to close below 75.67 which may push price below $70
  • Important support for nifty in weekly chart is between 4675 - 4720.
  • Weekly channel support line for this week is near 4600.
  • Price went down till the 200 SMA and started to reverse.
  • Price having broken 50 SMA is moving towards 200 SMA.
  • Trend line in weekly chart looks good for bulls despite this correction.
  • In the short term price momentum is with bears. 350 levels is good support area.


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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