October 7, 2011

  • Gold four hour chart shows a bullish ascending triangle formation.
  • One should also note that pattern is being formed after a big fall. So this consolidation may lead to a continuation of the previous fall.
  • For bulls price should sustain above 100 Hour SMA.
  • Sustaining below 100 hour SMA will favor bears.
  • SPX Went near 50 SMA and started correcting.
  • A bearish candle @ 50 SMA is the combination bears have been waiting for.
  • Unable to close above 50 SMA will favor bears.
  • For bulls There is time till closing bell to make a positive close above 50 day SMA.
  • Price is staying above its 50 Day simple moving average.
  • Daily candle is about to test an important resistance line.
  • Bulls seems to have the advantage especially the way price has moved up in a short period of time. So they should have enough momentum to break above the resistance line.
  • Nifty Weekly chart with fibonacci levels.
  • Price is moving around the 38.2% Fib level.
  • weekly closing above 4774 may help bulls for sometime. 


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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