November 15, 2011

  • Crude oil weekly chart with the broken channel.
  • Channel support line is acting as resistance.
  • Price unable to close the week above this line will result in a reversal. Bearish daily or weekly candle at this level will give confirmation.
  • ES CHART ANALYSIS
  • GOLD SUPPORT AND RESISTANCE LINE
  • Gold is consolidating between support and resistance lines.
  • Right now price is moving up after hitting the rising trend line.
  • Bigger moves can be seen once price gets out of this pattern.
  • ES CHART ANALYSIS
  • ES is approaching the support line of the triangle pattern.
  • Price is staying below 20 SMA.
  • Support line may give an up move. In case support line breaks 50 SMA is the next important support level.
  • Nifty is closer to its week low EMA and 50 Day Moving average which are likely to act as support levels in case they get tested.
  • MACD has given a sell signal, Stochastic too is moving down. But the all important 50 SMA is not yet taken out.

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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