April 24, 2012

  • Broken support line of the descending triangle as resistance.
  • Breaking below 30.49 or the Golden ratio may extend the correction towards 29.70 levels.
  • Getting back into the pattern may result in a bounce towards the falling resistance line.

  • Daily chart has broken below 50 Day SMA.
  • Next hope for bulls is the daily Ichimoku cloud.
  • Hour chart is trending down below 50 Hour SMA and the cloud.
  • Breaking 556 will extend the correction towards 547 levels.
  • Black support line shown in first chart is crucial. Breaking below it will take ES towards 1340 levels.
  • 2nd chart shows the bearish moving average alignment which will continue to favor bears. 
  • Things will be tough for bulls as the rally's will find it tough to cross 50 period SMA, The falling resistance line and 200 period SMA.

  • Gold testing the long term channel support line.
  • Price is sustaining below 50 Week SMA which is good for gold bears.
  • Breaking below 1612 will strengthen bears of gold.

  • Nifty support levels in daily chart.
  • 200 Day SMA and Lower Bollinger band may act as crucial support levels. Below this price may fall towards 50% Fibonacci level at 5080.
  • A pause or a bullish candle from 200 Day SMA may give a bounce in favor of bulls.

  • Last chart shows 50 Hour SMA below 200 Hour SMA. Up moves towards 200 Hour SMA will face selling pressure. 
  • Four hour chart shows price taking support near 200 period SMA and near recent swing low of 1357. Breaking below 1357 may target 1340 levels.
  • For bulls to regain momentum they should break and trade above 200 Hour SMA.


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My Favourite Quote

"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