November 17, 2011

  • The horizontal support line is the last hope for bulls. Price staying below this will further damage the technical's in favor of bears.
  • 200 Period SMA toos is important for this time frame. Price if manage to stay above this line may result in a bounce.
  • GOLD CHART ANALYSIS
  • SILVER CHART ANALYSIS
  • ES Daily is near previous resistance level which has given good support till now.
  • 2nd chart shows the diamond and triangle patterns. Breakdown from the diamond pattern gave a nice down move. But the triangle is yet to show its effect. Failing to fall below 200 Period SMA might result in a bullish move.
  • For bears price has to break below 200 Period SMA.
  • GOLD CHART ANALYSIS

  • Price has taken support at Lower bollinger band and the Golden ratio. But it has to show follow up buying for confirming strength.
  • Breaking below yesterdays low will favor bears to extend gains.
  • USDINR MOVING UP WITH NEGATIVE DIVERGENCE
  • ES has given a breakdown from the diamond pattern. But the triangle is stopping bears from extending gains.
  • If the triangle support line holds, Bulls can take it back up gain towards the resistance line of the triangle.

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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