November 28, 2011

  • Crude oil Daily chart is shown with a consolidation pattern after an up move. So this can be a bullish consolidation pattern. But it is also shaping like a Descending Triangle which is bearish. With the bearish weekly candle at the top short term can be negative for crude oil.
  • Important support level is between 94 - 95. Breaking and daily candle closing below this level may lead to a bigger correction. Bears need four hour time frame to sustain below the cloud which may result in a fall.
  • SPX Daily is reversing from golden ratio Indicators too were in oversold territory.
  • If price sustains above 1185 - 1190 levels it may target 1215 - 1220 levels in the coming days.
  • ES Four hour chart with 50 period SMA and 38.2% Fib level as resistance areas. Crossing this level will strengthen bulls further. Getting resisted here may result in a pull back towards 20 period SMA shown in first chart.
  • Copper is moving up towards the resistance line.
  • Four hour chart also shows 200 period SMA which may act as resistance.
  • Bigger up move can only happen if price takes out the above mentioned levels.
  • See copper MCX chart below this post.

    • If 4639 is protected and price moves up above 4750-70 level on closing basis we might see good up moves in favor of bulls.
    • Price breaking below 4639 will resume the down move.

    • Four hour chart shows price violating 20 period SMA. This time price action looks good for bulls. Hour chart also shows price above Ichimoku cloud. 
    • Four hour candle closing near the High will confirm this bullishness.


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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