August 9, 2012

  • ES one hour chart near 100 Hour SMA.
  • Price is testing the hourly cloud. Falling below the cloud and 100 Hour SMA should result in a bigger correction.
  • PCLN BEAR FLAG BREAKDOWN


 
 
  • PCLN has given a breakdown from the bear flag pattern discussed in yesterday's post.
  • Price is near the Golden ratio and the Weekly up trend line.
  • Breakdown below the above mentioned levels will extend the fall towards the bear flag's Target area discussed in YESTERDAY'S POST.
  • Holding above the up trend line may give an up move.


 
  • CISCO is showing good upward momentum But price is moving towards resistance levels.
  • The unfilled space between 17.63 - 18.48 may act as resistance.
  • 100 Day SMA and the weekly Middle bollinger band at 17.61 will also try to stop bulls from making a bigger up move.
  • PCLN BEAR FLAG BREAKDOWN



  
  • SILVER Daily chart near 100 Day SMA.
  • Price trying to stay above the cloud is good sign for bulls of silver.
  • Bulls of silver must break above 100 Day SMA and the resistance level of 28.45 for a bigger up move to happen.
  • CRUDE OIL RESISTANCE LEVELS

  • TATA Steel hour chart shows  a bullish pattern. But one look at the bigger time frame shows clear resistance at 416 levels. Daily chart shows a GAP and 50 Day SMA at this level.
  • So for tata steel strength only if price trades above 50 SMA and the GAP. Till then up moves can be sold.
  • TATA STEEL LIVE CHART WITH AUTO REFRESH


  • Nifty testing the falling resistance line in weekly chart.
  • Weekly chart is also reacting from 100 Week SMA (5386).
  • Cup and handle breakout need bullish candle with increasing volume. But we have a negative candle to start with so bulls must be careful and want price to trade above 5400 to confirm bullishness.
  • CRUDE OIL RESISTANCE LEVELS


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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