August 1, 2012

 
  • Silver breakout has hit resistance at swing high
  • Price still inside the range between 26.11 - 28.45
  • Silver bulls need a cloud breakout for an extended up move.
  • For now price is testing the trend line which was broken earlier. Taking support here an up move looks possible.
  • GOLD FALSE BREAKOUT



  • GOLD Daily chart shows a false triangle breakout.
  • Price sustaining withing the triangle pattern may save bulls from a bigger fall.
  • Earlier price got resisted near 200 day SMA.
  • Not breaking below the daily cloud may result in a pullback in favor of gold bulls.
  • ES CHART ANALYSIS


  • CISCO near daily resistance line
  • 50 Day SMA will act as resistance level.
  • Down trend will be strong below the daily cloud.



  • ES Daily shows a bearish engulfing pattern.
  • ES one Hour charts shows a range.
  • Price need to resolve this range for a bigger move to happen.


 
  • Nifty month chart failed to confirm upward momentum by closing below 5 Month High EMA and the falling resistance line.
  • Weekly chart is testing 5 Week High EMA. Week has to close above this moving average and the resistance line to confirm a breakout.
  • Daily is trading above 5 Day High EMA and 20 SMA. Daily is also trading near golden ratio which should be crossed on a closing basis
  • TATA MOTORS CHART ANALYSIS




  • Tata motors near daily resistance line.
  • Price also near 50 and 200 SMA which are ready for a bearish cross. 236  -  237 levels may act as strong resistance.
  • For Price to extend the up move it has to sustain above 50 Week SMA , 50% Fib level and the resistance zone of 236 - 237.


  • ES Four hour chart shows a range breakdown in favor of bears.
  • Price has fallen below 50 Hour SMA.
  • Bears need a cloud breakdown in one hour chart to extend the fall.


 
  • 4 Hour chart shows negative price action at the channel resistance line.
  • Smaller time frames like 15 Minutes are showing bullish flag pattern.
  • Hour chart has to sustain above 20 Hour SMA and 138.10 levels for the bull flag to do well. 
  • Price falling below 138.10 will weaken the bull flag pattern.



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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