November 10, 2011

  • Bulls has to protect the bottom that has formed in hour chart near the support line to avoid a bigger correction.
  • CRUDE OIL TESTING MAJOR SUPPORT LINE
  • Crude oil is about to test the broken support line of a channel in weekly time frame.
  • This trend line may act as stiff resistance for crude oil.
  • Daily chart is approaching Golden ratio for the fall from 114 levels.
  • So these two levels may act as stiff resistance for crude oil in the short term.
  • ES HOUR CHART ANALYSIS
  • ES is trying to reverse and price is approaching resistance levels.
  • Trend will change in favor of bulls only if they manage to trade above the hourly cloud.
  • Fib levels of 50 and 61.8% or the 50 Hour moving average may act as resistance levels.
  • SPX ANALYSIS AFTER CLOSING BELL
  • SPX has closed below 20 SMA Next in line is 50 SMA.
  • There is a small support at 1215 level.
  • Four hour chart shows the up trend line clearly violated. Break of the horizontal support line will turn the trend completely in favor of bears.
  • Hour chart shows price at 200 Hour SMA. 
  • Support levels which are closer are unlikely to be held because of price momentum, It has to fall more. Breaking 1215 will lead to 50 SMA soon.
  • COPPER TRIANGLE BREAKDOWN

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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