August 8, 2012

  • Crude oil daily chart near 200 Day SMA.
  • Price is also near Golden ratio.
  • Weekly chart is testing the cloud. For a bigger up move price has to close above the cloud.

  • SPY Hour chart with negative divergence.
  • Last two divergences has given a correction and correction for the current divergence is yet to happen. Price falling below 20 Hour SMA and 139.80 may give a correction in favor of bears.

  • PCLN Weekly bear flag is about to breakdown. Possible technical target for the bearish Flag is around 432 as explained in 1st chart.
  • 549 - 561 was previous resistance zone in weekly chart. This level may give a pause or consolidation before moving towards the bear flag target.
  • Breaking the weekly trend line will be negative and price will trade at the range as shown in last chart.

  • ES near daily resistance line.
  • Price sustaining below 50 Hour SMA will extend the fall.
  • For bears previous resistance level and cloud of one hour should break for a bigger fall to happen.
  • Sustaining above the cloud and previous resistance area may give an up move

  • Nifty weekly chart is moving towards the resistance line
  • Month chart is trying to stay above 5 Month High EMA(5346). Month chart had a bullish engulfing pattern about a month back and if price breaks out above 5400 we may see a follow up for that pattern.
  • Last chart shows a perfect cup and handle pattern. But bulls shall not get excited too much as weekly price is near the resistance line. Price has to close above 5400 for the pattern to work well.

  • ES one is getting back into the channel which will favor bears.
  • Price is also showing a bearish rising wedge pattern which will be effective if price falls below 50 Hour  SMA.


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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