April 2, 2012

  • Dow jones testing its recent resistance levels in daily chart.
  • Hour too shows price at the top of the range
  • Price closing above 13288 should target 13400 levels in the very short term.
  • ES bouncing from the hourly cloud which was one of the support levels discussed below.

  • ES Hour chart near 200 Hour SMA and Cloud support levels
  • 38.2% Fibonacci levels too may act support for the current fall.
  • Breaking the cloud may extend the fall towards the Golden ratio.

  • Silver daily in a range between 38.2% and 50% fib level.
  • For bulls price closing above 20 day sma and moving above 33.19 level may give an up move.
  • For bears of silver price has to break the rising support line.

  • Reliance has given a bullish weekly candle.
  • Price closed at 23.6% Fibonacci level.
  • Price yet to takeout 20 Day SMA. Daily MACD too is yet to confirm a buy signal.
  • Price sustaining above 23.6% Fib level may extend the current up move towards 38.2% level and above it.
  • Breaking below 718 will negate the bullish opportunity and another break below 700 may happen.


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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