October 10, 2012

  • Crude oil hits the horizontal resistance zone of 4 Hour chart.
  • Daily chart has 50 Day SMA just above this resistance zone.
  • Bulls need a close above this level for the FALLING WEDGE mentioned earlier to extend gains.

  • Apple hourly charts continue to look weak as it trends down below the cloud and 50 Hour SMA.
  • Daily chart is giving hope for bulls with a Hammer candlestick. But price is yet to test the up trend line of daily chart.

  • ES Daily chart testing 50 Day SMA. Bulls would need a Doji daily candle at this level for a possible up move.
  • Second chart shows ES below the rising black support line. Shaded portion may save ES bulls from a bigger fall.
  • Below the shaded portion the Double top or a Bearish M will be effective.
  • Nifty daily chart shows macd sell signal and possible support at 20 Day SMA. Bears need a close below 20 SMA for a bigger fall.
  • Weekly chart shows support at 5629 which was the previous resistance level.
  • Price has been staying above golden ratio for quite sometime now. So falling back below it on weekly closing basis will be negativ ef
  • ES has fallen below the support line of the ascending triangle which is bad for bulls.
  • But bulls has crucial levels to their support in 200 Period SMA of 4 Hour time frames and Horizontal support lines.
  • Breaking below the horizontal support lines could set ES for the Double top Target which is about 40 points below these lines.

  • Crude oil falling wedge was discussed few days back and it has given a breakout. But price will face stiff resistance near 94 levels and 50 Day SMA.


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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