March 22, 2012

  • Crude oil near the middle of the range.
  • Price is also near the Rising Trend line.
  • If the trend line and Range middle level gives support crude oil can rise again.
  • Breaking both these levels can take crude oil towards the lower end of the range
  • Correction may last till the shaded portion shown in the second chart or 100 Hour SMA. We may see a bounce from those levels. 
  • Bears will be stronger on an hourly close below the levels shown above.
  • ES testing 200 Hour SMA. Sustaining below it will help bears to extend the fall. Getting support here may result in a bounce towards 100 Hour SMA or the cloud which will be acting as resistance.
  • Cloud in four hour time frame may act as support for short term.
  • Four hour chart is testing important support level at 31.57. Trading below this level will favor bears of silver.
  • Daily chart shows a falling wedge kind of pattern which can result in an up move if the support line is held. For today's candle this support comes at 31.20 approximately, Below this level silver will extend the fall.
  • Copper is violating the up trend line in daily chart.
  • Price is also staying below 50 Day SMA which will favor bears of copper.
  • Next important support is at 3.7020. breaking this level will extend gains.
  • Break of 5329 gave a good short trade. Triangle discussed in four hour chart too has given a breakdown.
  • Nifty 5 Minutes with the range 5329 - 5385.
  • Break of the above mentioned level should take nifty towards the Triangles support or resistance lines shown in Four hour chart. A bigger breakout once the triangle gets resolved.
  • Nifty bulls has to sustain above 20 Day SMA and try to close the week above 5 Week EMA and the triangle resistance line for a bigger up move to unfold.
  • For bears 50 Week SMA is acting as a big hurdle. Price keeps getting support at this level. For now they need to stay below 20 SMA and try to break below 50 Week SMA in the coming week.
  • 20 Day SMA at 5352
  • 5 Week High EMA at 5425
  • 50 Week SMA at 5230.
  • Gold four hour chart shown with a small triangle pattern and a range between 1633 - 1669.
  • Four hour time frame is also getting resisted by the cloud. For the trend of this time frame to change price need to break above the cloud. Falling below 1633 will extend the fall.


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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