October 27, 2011

  • Bulls of Crude oil should sustain above 94.63 levels for extending gains.
  • This level has given support many times as can be seen on the left side.
  • Breakout above this level may give 100 Levels for crude oil. Getting resisted here may attract selling.
  • S&P 500 Hits its 200 Day Moving average.
  • For this up move to continue price should close above this level.
  • Getting resisted here may give a correction.
  • Silver Resistance levels in weekly chart.
  • 50 Week sma and 50 % Fib retrace levels are at the same area. So this level will be tough to break for silver bulls.
  • ES NEGATIVE DIVERGENCE
CHART-II
CHART-I
  • ES Four hour is moving up with negative divergence.
  • Price and MACD is diverging. 
  • Price may hit the resistance line once more before the correction can start. A false spike above the resistance line is also possible.
  • Divergence need price confirmation before one can go short. So if price sustains above the resistance line then the divergence will vanish.
CHART-II
  • Wedge has broken the support line. Price is also staying below 200 Day SMA. Daily candles closing below 200 SMA will favor a bearish trade now.
CHART-I
  • US Dollar Four hour chart is forming a falling wedge pattern
  • Falling wedge is bullish reversal pattern So price need to break the falling resistance line for USD to move up which means Stocks might start to fall.
  • Price breaking the lower boundary will invalidate or reduced the credibility of this pattern.

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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