June 29, 2012


  • Silver weekly charts finding support at crucial support levels.
  • Hour chart has broken above 200 Hour SMA. For bulls of silver price has to sustain above this level.




  • ES Daily chart near resistance line, 100 Day SMA and cloud. 
  • Price sustaining above these levels will change the trend completely in favor of bulls.
  • FALLING WEDGE OF GOLD




  • Nifty hour chart shown with range breakout with target near 5300 levels.
  • Month chart shows 5 Month High EMA near 5330 level and a falling resistance line in month chart which may act as resistance. Moving passed above these levels could lead to a bigger breakout. For bulls need a close near the high of the day week and month to sustain the bullishness to the next month.


Falling wedge updated

  • Gold testing the weekly support levels.
  • But four hour chart of gold is showing a possible Falling wedge pattern which is a bullish reversal pattern. For it to work well price need to hold on to the current lows near 1550 and bulls must hope for a breakout above the falling resistance line of the wedge shown in last chart.
  • SILVER HITS LONG TERM TREND LINE




  • Silver at make or break levels. 
  • Price hits the long term trend line and crucial weekly horizontal support line. Trading below 26.02 could lead to the 78.6% Fib level shown in last chart. A bigger fall is possible only if price falls below this level.
  • Crucial support levels can also give an over sold bounce.
  • JP MORGAN CHASE RESISTANCE LEVELS



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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