August 3, 2012

  • Crude oil four hour chart shows a triangle breakout.
  • Daily chart shows price above 100 SMA. Bulls need a daily close above this level. Next resistance is at 93.22 level.
  • Price is also testing 50% fibonacci level.


  • EURUSD Near resistance zone.
  • Price is also testing 50 Day SMA and the falling resistance line.
  • Bulls need a daily close above these levels for the bullishness to sustain.
  • Failing to close above these levels could give another fall.



  • ES Near falling resistance line, Crucial fibonacci level and horizontal resistance line. 
  • Above mentioned levels may stop bulls from bigger gains. But the rising support levels will keep the bulls interested.
  • CRUDE OIL DESCENDING TRIANGLE


  • Crude oil four hour chart shows a descending triangle pattern with support at 86.90.
  • Break below 86.90 would find support at 50 Day SMA.
  • A bigger breakout may happen only if the 100 SMA or 50 SMA gets broken on closing basis.
 
  • Most of the big moves are getting resisted at 50 Week SMA.
  • Daily chart is showing resistance at 50 Day SMA.
  • Crucial support for the stock in weekly chart are 388 and 382.



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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