February 4, 2012

  • GLD weekly chart showing a shooting star or an Inverted hammer pattern.
  • Price is still above the trend line as shown in daily chart. Breakdown below the trend line along with a MACD sell may give good downside for GLD.
  • If bearishness continues into next week possible retest of the broken resistance line and 200 Day SMA  looks possible.
  • Daily chart shows price trending up above 50 Day SMA.
  • Weekly chart shows a bullish engulfing pattern which should help bulls to continue this up move.
  • Next resistance will be the 50% Fib level. Closing above 50% Level should take price to 22 Levels.
  • Month chart too is looking good for bulls with a closing above 20 Month SMA. Month chart Price action should take stock to 22 Levels which is golden ratio as shown in 2nd chart. 
  • Dow Jones weekly resistance level at 12875.
  • Week candle closing above this level would be perfect for bulls.
  • Closing below this level will keep bears interested.


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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