October 26, 2011

  • ES Four hour chart with 50 period Moving average.
  • Price has given a pull back from this moving average twice during this up move.
  • Price is testing the moving average again. Higher low Higher High structure is not yet violated. Breaking the last swing low will change things in favor of bears. 
  • Nifty weekly candle is testing its 20 week moving average or the Middle Bollinger band. A convincing close above this level can extend this up move. On the contrary if the weekly candle closes below 20 Week SMA we may see some bearishness. 
  • Daily chart too has resistances in the form of 100 SMA and the GAP. GAP closes at 5323.

  • Gold having given a breakout above 20 SMA is moving towards its 50 Day Simple Moving Average.
  • Day closing above 50 SMA will add strength for the current up move.
  • Getting resisted here and giving bearish daily candles may result in a correction.


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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