July 23, 2012

  • ES Daily chart shows price bouncing from 200 Day SMA.
  • Four hour chart shows a chance for a bigger up move if price stays above 50 period SMA.
  • For bears price has to fall below the black line to continue the fall.

  • APPLE Near 100 Day SMA.
  • Four hour chart near channel support line.
  • For a bigger fall apple must close the day below 100 Day SMA.
  • Breaking the channel support line and closing the day below 100 SMA may target 560 zone in the short term.
  • Holding above 100 Day SMA may save bulls from the above mentioned correction.

  • ES daily chart nearing channel support line
  • Price in daily time frame also approaching 200 SMA and daily cloud.
  • For a bigger fall the above mentioned levels must be broken on closing basis. Holding above the channel support line may result in a bounce.

  • Gold weekly chart near 100 Week SMA. For a bigger breakdown price should fall below 100 Week SMA and 1522 which is the weekly support level.
  • For an upper breakout price must sustain above 1610 levels.

  • Weekly middle bollinger band or 20 Week SMA at 5165 is crucial support level.
  • Week falling below 5165 would strengthen the weekly stochastic sell signal. Bears also need a weekly close below this level.
  • Crucial support in daily chart are 50 SMA(5086) and 200 SMA(5095)..

  • ES One hour chart shows a broken channel
  • Four hour charts shows possible support levels in fibonacci and 50 period SMA. During the last two swings in four hour these support levels did not hold. One can expect a similar price action towards the channel support line shown in daily chart before an up move can happen.


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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