September 20, 2012

  • Crude oil daily chart pausing at 38.2% Fib level. More falls only on breaking below this level.
  • The broken support at 93.95 and 50 Day SMA Will act as resistance on the way up.
  • GOLD TREND UPDATE
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  • SILVER 1 Hour chart shows a price range of 33.73  -   34.99
  • 4 Hour chart shows price seeking support at 50 Period SMA Which may give an upper breakout from the range in 1 Hour chart.
  • Bulls must breakout above 78.6% Retrace level for moving towards 37 levels. For now this level is acting as stiff resistance.
  • GOLD TREND UPDATE
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  • Gold 4 hour near channel support line.
  • Price near 50 Period SMA.
  • 4 Hour cloud too has helped gold bulls on dips so far. An up move is expected from the current levels. Breakdown below the cloud may start a bigger correction.


  • Hour chart shows crucial support level at 824.
  • 50 Hour SMA is around 828.
  • Breaking below 50 Hour SMA and 824 will extend the correction towards 820 - 806 levels.
  • Holding above 50 Hour SMA Will resume the up move towards 853 levels


  • This up move in hour chart has left two gaps unfilled. 
  • Falling below 50 Hour SMA will fade the first of those gaps between 5447 - 5526.
  • Up trend will be safe above 50 Hour SMA.
  • Pattern in daily chart looks weak. Price has to trade above 5585 level to fade Today's morning gap. Above 5585 - 5600 level bulls may resume the up move.


  • SBI Testing the falling resistance line discussed in an earlier post.
  • If price does not pull back from here then the targets could be near 2252 levels.
  • Major resistance points will be the weekly cloud top and 100 Week SMA.
  • Price testing 78.6% Fib level, Trading above this level will extend the up move towards 2252. 
  • Bears need a weekly close below the falling resistance line.
  • CRUDE OIL RISING WEDGE BREAKDOWN
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  • Crude oil daily chart is falling from a rising wedge pattern.
  • Daily candle closing below 50 Day SMA may extend fall towards 86.90 levels.in the short term.


 
  • Gold one hour chart shows a range between 1752 - 1779.
  • Four hour chart shows price sustaining above the cloud and the current range too is likely to give an upper breakout.
  • CRUDE OIL BREAKING SUPPORT 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