April 4, 2012

  • Gold weekly chart near long term support line.
  • Price has fallen below 50 week sma. Week candle closing below this level will extend this correction.
  • Price getting support at the channel support line may give an up move.

  • ES may give a bounce from the support line shown in 3rd chart.
  • Price breaking the cloud and 100 Period SMA in four hour time frame is negative But charts look oversold right now and it may result in a bounce towards 23.6% fib level again.
  • Price breaking the support line will strengthen bears further and it may target 38.2% fib level.

  • Up trend line and 50 Day SMA mentioned in an earlier post has not given support for EURUSD.
  • Price may now target either the 50% Fib level or 1.3004 level which was the last swing low.

  • Silver support levels in daily chart are 31.62 and 31.08.
  • Price is sustaining below 20 Day SMA which will be the immediate resistance on a pull back. Then the daily Ichimoku cloud will be tough to cross for bulls of silver.

  • Nifty bulls failed to close the day above the resistance line. This may lead to a correction, But for bulls there is a cluster of support from 5295 - 5321 (20 Day SMA - 5295, 50 Day SMA - 5318, 5 Day High EMA - 5321) - Breaking and closing below this cluster will weaken the bulls.
  • Resistance is at 5 Week High EMA - 5385

  • EURUSD has fallen below 50 Day SMA.
  • Up trend line may stop the fall.
  • Important support below the up trend line is 1.3004 levels.

  • Dow Jones Four hour and daily time frames showing similar setups.
  • If the up trend lines are held we should see another breakout in favor of bulls.
  • For weakness bears shall try to trade below 13000 levels 

  • AUDUSD is moving down in a channel
  • Daily chart shows price getting resisted at 20 Day SMA.
  • Price is testing a possible support  line and 38.2% Fib level. If these levels hold an up move is possible. Breaking these levels will exted the 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