May 16, 2012

  • SINA Daily is trying to stay above 20 Day SMA which will help bulls to continue the current up move.
  • Weekly chart if closes at the current levels or higher will for a bullish engulfing pattern.
  • For a bigger up move price has to trade above the resistance line shown in the last chart.

  • Gold is violating crucial support zones in weekly chart.
  • Price is testing 100 Week SMA.
  • If price takes out 100 Week SMA and 1522 levels we may see gold at 38.2% Fib level. 
  • If 100 Week SMA is protected on weekly closing basis the up move may start.

  • First chart is  MCX Crude oil may contract in four hour time frame. Price with Ichimoku cloud shows the power of a trending market. 
  • Price if stays below 78.6% Fib level as shown in second chart then this fall will extend towards 4950 and lower.
  • If daily candle manages to pullback and close above 78.6% Fib level Longs should be cautious.

  • First chart is the daily chart of crude oil which shows price testing the support level of 92.52
  • Next chart is the weekly time frame which  shows the possible support area of 89.60.
  • Price sustaining below 92.52 should take Crude oil towards 88 - 89 levels.

  • Reliance continues to break crucial support levels.
  • Last chart is the hope for bulls of reliance it shows a possible support line with oversold stochastic. If this support line too breaks then then reliance may slip below 600 levels. If price gets support here it has to break above the resistance line shown in the last chart for a meaningful up move to happen.
  • EURUSD is trading closer to its monthly trend line.
  • Weekly chart shows crucial support zone between 1.2586 - 1.2624
  • Four hour channel is just going one way. Unless price trades above the resistance line of the channel a trend reversal is not possible.


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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