October 4, 2012

  • Hewlett Packard fell to the channel support line. A reversal candle or Doji at the channel support line could start an up move towards the channel top.
  • MACD Histogram is showing positive divergence which could help bulls with a bounce.

  • EURUSD Daily chart moving away from 200 Day SMA. Price is also breaking above 20 Day SMA.
  • 4 Hour chart seen breaking above the cloud. If daily candle closes above 20 SMA then EURUSD could move towards the resistance levels shown in last chart.

  • Crude oil daily chart shows a possible falling wedge pattern. But with price closing below 100 Day SMA the chances of this pattern working well for bulls is low.
  • Daily closing back above 100 SMA shall give good gains for bulls.
  • For bears a break below 86.90 should give 84 levels.
  • ES testing the contracting triangles resistance line.
  • Breakout can be confirmed only above the levels shown in 2nd chart. Horizontal resistance zone shown in yellow has to be taken out by bulls for a bigger up move to happen.
  • Daily staying above 20 Day SMA will favor bulls. Bears need to break and close below 20 SMA for a correction to happen.

  • Apple daily chart is bouncing from 50 Day SMA and Lower bollinger band.
  • Resistance at Middle bollinger band or 20 Day SMA at 679. For a bigger up move bulls must close above 20 Day SMA.
  • Staying above 644 and the up trend line from 380 will avoid a bigger correction in Apple.

  • Except the Negative divergence and Weakness in Daily MACD indicator there is nothing that's supporting bears of Nifty for now.
  • Price sustaining above 10 Day EMA will keep nifty moving up.
  • Weekly MACD is yet to show weakness. Price sustaining above 5740 on closing basis will target the next resistance zone of 5850 - 5900.
  • Crucial support is the Golden ratio shown in weekly chart.

  • Silver daily chart struggling to close above 35 levels
  • Bears need a daily close below 20 Day SMA for a bigger correction to start.
  • Daily chart also shows 78.6% Fib resistance near 35 levels.


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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