July 9, 2012

  • Crude oil daily chart shows support between 77 - 81 level.
  • Price sustaining above above 20 Day SMA will favor bulls of crude oil.
  • 50 Day SMA and Daily cloud are crucial resistance levels.

  • Nifty sustaining above Week High EMA and 20 Week SMA should favor bulls.
  • Price is also closing above 5 Day High EMA. Weakness only if price starts to close below 5 Day High EMA.
  • Weekly cloud too may act as support for bulls. Price falling into the cloud will be negative.
  • Daily charts are showing negative divergence But MACD lines are yet to give a sell signal.

  • Last post of USDINR Discussed above the 53 - 54 support zone. This zone has held for now.
  • For the pair to continue its up move price has to sustain above 50 SMA and the daily cloud.
  • Weekly chart continue to diverge without any major correction.


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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