September 6, 2012

  • EURUSD Weekly chart shows price near falling resistance line from 1.45 through 1.32.
  • Daily chart shows price nearing 200 Day SMA.
  • Price moving up in a channel and nearing resistance levels. Daily chart also trying to form an inverted head and shoulders formation. So we might see a fall towards 1.21 levels before an up move could happen.

  • Gold weekly chart shows a weekly broken support line which may act as resistance.
  • Weekly fibonacci chart shows this resistance line and 50% Fib level at the same area. Breaking above this level will be difficult in case gold bulls cross this area then the target could be around 1770 - 1790 zone.
  • Trading below 1685 should give a short trade. Sustaining above 1698 should favor gold bulls.

  • ES Daily trying to breakout above the resistance line
  • ES Four hour chart price trying to stay above the cloud. Sustaining above the cloud will extend the up move.
  • Last chart shows possible resistance levels for the up move.

  • Tata motors bulls need to sustain above the weekly cloud or Golden ratio. Breaking these levels will be negative for the stock.
  • Daily chart shows bulls trying to form an Inverted Head and shoulders pattern. But daily also has given  a death cross which will be effective if price breaks below 203. 
  • In short Tata Motors will be bullish above 252. Bearish below 203 and Neutral between these two levels.
  • Silver four hour chart shows price trading above a short term trend line. Up trend of this time frame will be intact as long as price stays above this trend line and 50 period SMA shown in second chart.
  • Last chart shows price in a range. Breakout from this range above 32.37 will lead to continuation of the current trend. Breakdown from the range may lead to a correction towards the up trend line or 50 period 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