October 25, 2011

  • Hour up trend is not yet changed.
  • Price falling below the trend line and 50 Hour SMA will be warning signs for bulls.
  • Price sustaining below the cloud may lead to a sell off.
  • GOLD DAILY CHART ANALYSIS
  • Gold daily chart having breakout above 20 Day SMA is moving towards 1694 which is the upper end of the range in daily time frame.
  • ES Daily chart shows price getting resisted near previous support area. Daily candles are not able to close above this line.
  • For bulls price has to close the day above this level for continuing the up move which is going to be tough for bulls.
  • Four hour chart shows the up trend line and Horizontal support line which are important for bulls to hold.
  • CRUDE OIL BREAKOUT
  • SBI was not able to stay above 50 Day Moving average, Was stopped exactly at the cloud too. With overbought stochastic if sustains below 1886 will attract more selling.
  • S&P 500 EOD ANALYSIS
  • SPX is near previous support level which may act as resistance. 
  • 50 Week moving average is near 1266 levels.
  • Four hour time frame has started to diverge. No trend line break yet which might trigger a correction.
  • So we may see a correction from 1260 - 1270 levels.
  • CRUDE OIL ABOVE RESISTANCE LEVELS
  • Crude oil has violated its resistance line in daily charts.
  • Sustaining and day closing above 90.51 levels will keep the bullishness intact.
  • closing below 89.60 will be negative for crude oil.

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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