June 14, 2012

  • ES Four hour chart shows price in a range.
  • Price closing above 200 period SMA may result in a bigger up move.
  • For bears 50 period SMA has given good support as shown in first chart. Closing below this level may result in a bigger fall.
  • For now the marked resistance zone and 23.6% Fib level may act as resistance.

  • Crude oil weekly chart shown with possible support line.
  • Daily and Four hour time frames still not signaling any turnaround. Price has to sustain above four hour  cloud and 20 day SMA for a possible up move to happen.

  • Nifty hour has a bullish cross. So price if sustains above 50 Hour SMA it should move higher.
  • Price is consistently getting resisted at a resistance line shown in 2nd chart. Either it should give a breakout above this line or a correction may happen on falling below 50 Hour SMA.
  • Daily picture will turn negative for bulls if price starts to trade below 50 DAY 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