March 8, 2012

CHART-II UPDATED
  • Price took a dip from 100 Period SMA and its testing that resistance level again. Four hour candle need to close above this level for the up move to continue. 
CHART-I
  • ES Four hour is getting resisted at 100 Period SMA.
  • Cloud of this time frame may also act as stiff resistance.
  • Up trend will resume on breaking above the cloud.
  • Copper daily chart moving up from the support level shown in  first chart. More falls will be possible only if the above mentioned level gets broken.
  • If price sustains above 50 Day SMA then It may target the falling resistance.
  • 200 Hour SMA and the Cloud in four hour chart needs to be taken out by bulls of crude oil for the up trend to resume and to move above 108 levels again.
  • Price getting resisted at these levels would result in a correction towards 104.35 levels and lower.

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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."
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