October 1, 2012

 

  • Crude oil trying to stay above 100 Day SMA.
  • 4 Hour chart shows a possible bullish Inverted head and shoulders pattern taking shape.
  • For a bigger up move price has to break above the drawn resistance line and 50 day sma
  • ES Daily chart Holding above the support lines of daily chart.
  • Price up move started near 50 Day SMA.
  • 4 Hour cloud acting as resistance for now. Bulls can extend the up move on closing above the cloud.
  • APPLE WEEKEND UPDATE
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  • Bank nifty above 10 Day EMA and 5 Day Highe EMA. Daily MACD although looking weak is still in Buy Mode.
  • Immediate range for a big trade is shown in the last chart.
  • A bigger fall possible below the golden ratio or 11226 levels.
  • Breakout above 11536 may start a move towards 78.6% Fib level.
  • NIFTY WEEKEND UPDATE
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  • Possible breakdown below the support lines and 200 period SMA shown in the above charts.
  • 4 Hour cloud will act as crucial resistance level
  • BEARISH MONTHLY CANDLE OF APPLE
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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