February 15, 2012

  • Silver four hour chart shows price in a range.
  • Daily chart shows price stuck between two important support resistance levels, 200 SMA and 38.2% Fib level.
  • Breakout from this range should result in a two point move on either side.
  • Goog range between 38.2% and 50% Fib level
  • 50 Day SMA too is a possible resistance level.
  • Price closing below 603 levels may give 590.
  • close above 50 Day SMA may give 630 levels.
  • EURUSD Weekly chart.
  • Price falling down from 20 Week SMA.
  • For Bulls of EURUSD price has to sustain above 20 Week sma for targeting towards the dotted resistance line.
  • Falling below 1.3028 will favor a bearish trade in EURUSD.
  • Price falling towards the dotted support line. If this line is taken out price will hit the 100 period SMA. 
  • ES Four hour chart with resistance line. A short trade is possible from the black resistance line.
  • Falling below the red line too is weak and a correction towards 1342 levels is possible.
  • Triangle discussed in the below chart has given a good short trade. Further weakness on hour closing below 838. This level may also act as support.
  • Reliance fibonacci levels shows resistance near 78.6% Fib level.
  • But price has not given a sell yet. If price is able to close below 10 Day EMA along with a MACD sell signal we may see a correction in reliance.
  • Bulls of reliance need a daily close above 78.6% fib level for a possible move above 900+.
  • S&P 500 EOD UPDATE
  • Price took support at the supporting trend line of the rising wedge.
  • The range shown in daily chart looks like it will be resolved on the up side and it will target the resistance line of the rising wedge which should target around 1360 levels.
  • For bears Range and rising wedge breakdown may result in good correction.


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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