October 28, 2011

  • Copper is moving towards 3.8093 level which was the previous support, This level may act as resistance.
  • price is trying to stay above a down trend line. If successful then this up move will be extended.
  • Important support is at 3.4688
  • ES staying above 200 SMA will favor bulls. Bulls will be safe till daily candle closes below 200 SMA.
  • Four hour chart shows up trend line and Horizontal support line. Weakness will be visible only if price manage to break below these lines.
  • The earlier GAP of nifty of the down trend is not yet filled.
  • Today's GAP managed to open above and is sustaining above the earlier GAP.
  • We have to see if price does a retrace to partially fill the GAP or continue to move up towards the weekly resistance line.


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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