August 22, 2012

  • Silver weekly chart with falling resistance line from 49 through 37.
  • Last two attempts to stay above 50 week SMA has failed if the up move continues price may test 50 week sma again.
  • Daily chart shows price nearing resistance level and 200 day SMA.
  • ES CHART ANALYSIS


  • ES yet to test the supporting trend lines.
  • Price is doing a bearish consolidation above 50 period SMA.
  • For a possible trend reversal price must break below the 4 Hour cloud.
  • CRUDE OIL AT GOLDEN RATIO
  • Price continues to rise in favor of bulls But daily chart indicators like RSI is showing overbought levels.
  • Weekly is nearing upper bollinger band.
  • Weekly line chart shows price violating a crucial line Bulls need a weekly close above this line. Price falling back below this line will favor a correction.
  • Price is trying to stay above 100 week SMA. Any intra week fall below this level too may give a bigger fall.
  • GOLD TRIANGLE BREAKOUT
  • SILVER TRIANGLE BREAKOUT
  • CRUDE OIL AT GOLDEN RATIO


ONE HOUR CHART
FOUR HOUR CHART
DAILY CHART
  • Hour has given a correction but has not fallen below 50 Hour SMA.
  • 4 Hour chart shows  a shooting start candlestick which will be effective only on falling below the support line.
  • Daily chart shows bearishness at previous resistance levels But for bears price must at least fall below 20 day sma for a bigger fall to happen.
  • SILVER TRIANGLE BREAKOUT


 
  • ES Four hour chart showing weakness after a Bearish Pin bar candlestick.
  • For bigger falls price must sustain below 50 period SMA.
  • Bulls are safe as long as price sustains above the black support line shown in first chart.
  • SILVER TRIANGLE BREAKOUT

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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