February 20, 2012

  • Copper support levels at 38.2% Fib level and 50 Day SMA.
  • Break below 3.6838 may give a fall towards 50% Fib level
  • Copper will face pressure at higher levels till it stays below 20 Day SMA.
  • SPY WEEKEND UPDATE
  • Gold four hour chart with support and resistance lines.
  • candle closing above the falling resistance line may take gold towards 1750.
  • Breaking below the black support line will take gold towards 1710 and the support line.
  • GOLD WEEKEND UPDATE
  • ES Four hour chart approaching resistance line
  • Month chart too shows price near horizontal resistance line.
  • Weakness only on price falling below the black lines shown in four hour chart.
  • CRUDE OIL WEEKLY RESISTANCE
  • EURUSD Still stuck in a range between 50 Day SMA and 100 Day SMA.
  • Daily candle closing outside this range will give good direction.
  • SPY WEEKEND UPDATE
  • GOLD WEEKEND UPDATE
  • Crude oil is testing the weekly resistance line.
  • For the current candle its approximately between 105.90 - 106 level.
  • Price is sustaining above golden ratio and the Inverted head and shoulders pattern so the bulls of crude oil need a resistance line breakout for extending this rally. 
  • GOLD WEEKEND UPDATE

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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