June 15, 2012

  • Gold testing the resistance line and crucial fibonacci level.
  • Price sustaining above daily cloud will favor gold bulls.
  • For a bigger up move price has to sustain above crucial moving averages.
  • Unable to break above the resistance line may result in a sell off.

  • ES Four hour chart shows resistance at 200 period SMA and 50% Fibonacci level. These levels has to be broken for a bigger up move to happen.
  • Getting resisted here will result in a correction towards 1300 area.

  • MSFT Trying to form a base near 200 Day SMA. 
  • Weekly chart shows previous resistance level giving support.
  • Price is inside a falling wedge pattern.
  • Crucial support are 28.81 and 200 SMA. For bulls price has to breakout above the falling resistance line and 29.81 level.

  • Nifty is getting resisted at the daily cloud. Bulls need to move into the cloud for the current up move to continue.
  • Moving above 5144 will favor bulls.
  • A negative weekly candle below the resistance line and 50 Week SMA as shown in last chart will favor bears.

  • Weekly chart shows a Successful breakout above 1335 could target the middle bollinger band.
  • Daily chart shows potential resistance at 50 Day SMA on an up move.
  • Hour chart shows price closing near the neck line of an Inverted Head and shoulders pattern. A clear breakout could either target 50 Day SMA or 20 Week SMA.


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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