August 23, 2012

  • Silver violates 200 Day SMA.
  • Price testing 50 Week SMA and the falling resistance line shown in last chart.
  • For the up move to be a bigger one silver bulls need a weekly close above 50 Week SMA and the falling resistance line of weekly chart.

  • Facebook continuing its down trend below 100 Hour SMA.
  • 4 Hour chart shows consolidations leading to breakdowns.
  • But for bulls of Facebook a bounce might happen only if price starts to trade above 100 Hour SMA. Hour chart is showing positive divergence which may result in  a bounce if price confirms. 

  • Crude oil must sustain above 200 SMA to avoid a fall.
  • Price is testing Golden ratio and a possible resistance line. For bulls of crude oil to continue the ward momentum these two levels must be crossed on closing basis. Week candle must close above 61.8% for sustaining the upward momentum.

  • ES 4 hour yet to give a breakdown from the rising wedge like pattern.
  • 50 Period SMA is yet to be broken. Breaking below 50 period SMA and yesterday's low may give a bigger fall.
  • Sustaining above the line shown in last chart will continue this grinding up move of ES.

  • BN Daily chart shows a contracting triangle pattern .
  • Support for the stock is at 50 day SMA. 
  • Weekly chart is hanging around 50% Fibonacci level. When the triangle gets resolved we should see a move towards either golden ratio or 38.2% Fib level depending on the direction of the breakout.

  • ES Daily shows price taking falling from resistance line is yet to fall below 20 day SMA. For bears need a breakdown below 20 SMA for a bigger fall.
  • 4 Hour chart shows price taking support near the resistance line and 4 Hour cloud. For a possible trend change there should be a cloud breakdown.

  • Gold weekly chart nearing resistance levels.
  • Price is near Weekly falling resistance line and 50 Week SMA.
  • Price is also near the weekly cloud were many attempts to breakout has failed. Only a breakout above the cloud will ensure a bigger up move in gold.


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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