June 27, 2012

  • ES one hour near 200 Hour SMA.
  • Price near 50% and Golden ratio fib levels.
  • ES Four hour cloud too may act as resistance. 
  • Price advance may continue only if price is able to sustain above 200 Hour SMA.

  • Failed pattern gave good correction in favor of bears. Price falling back into the pattern is a good entry for failed patterns.

  • Crude oil showing a triangle pattern in Four hour chart. This time frame has Positive Divergence Which was shown in the previous crude oil post.
  • Up move may find resistance near 80.81 level and 100 Hour SMA.
  • Week chart shows strong support near 74 - 75 level. Doji candles near the support level may favor bulls for a reversal.

  • Tata steel has a hammer pattern in daily chart and need to close above 20 Day SMA and above the hammer with good volumes to confirm an effective hammer pattern.
  • Daily stochastic is moving down so one has to wait for the above confirmation.


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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