January 22, 2012

  • First chart is an ascending triangle pattern which is bullish. But compare it with the last chart the up move does not have increasing volume. If bulls manage to breakout above this ascending triangle they should do it with a volume breakout as well so that the breakout will sustain.
  • Other two charts shows bearish scenarios. Weekly stochastic is near overbought zone. Price hitting upper Bollinger band in weekly time frame. If ascending triangle does not give a price volume breakout these two charts are likely to give a correction.
  • SILVER WEEKEND VIEWS
  • DOW JONES WEEKEND ANALYSIS


  • Crude Oil daily chart shows price closing below 50 Day Moving average.
  • Falling below 97.70 level will favor a bearish trade.
  • Week chart shows important support levels like 50% Fib level and 50 Week SMA between 94 - 95 levels.
  • SILVER WEEKEND VIEWS
  • DOW JONES WEEKEND ANALYSIS

  • Silver daily chart shows price closing above 50 and 100 SMA in daily time frame.
  • But Weekly chart shows price entering possible resistance zone in the form of previous Broken support.
  • So holding 100 SMA silver should continue its up move.
  • Falling below 100 SMA will be negative for Silver in the short term.
  • If price sustains above 32 - 33 levels then a possible hit at 50 Week SMA is possible.
  • DOW JONES WEEKEND UPDATE

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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