October 19, 2012

  • GOLD Weekly chart shows price moving down from the top of the range. Weekly chart shows a range of 1522 - 1802.
  • Price has broken 20 and 50 Day SMA and bears waiting for a bearish cross to happen for a bigger down fall possibly towards the bottom of the range to happen. Gold bears also need price to break below the cloud for the fall to extend.

  • Crude oil daily chart shows an ascending triangle pattern.
  • For bulls price has to deal with 50 and 200 Day SMA for the Ascending triangle to do well.
  • Unable to move above these two moving averages will result in continuation of the fall.

  • ES Fibonacci level and 200 Hour SMA which may act as support levels.
  • ES Below the hourly cloud will favor bears to extend gains.

  • APPLE Testing the daily cloud.
  • Price also close to the 100 SMA and Golden ratio which gave a bounce 3 days back.
  • Bears of apple need a close below these crucial support levels for a bigger breakdown. Unable to close below these levels may give another bounce towards 653 levels again.

  • GOOGLE Weekly chart shows strong support between 658 - 670 levels and 20 Week SMA near this level will also act as support if the down fall continues.
  • With Weekly MACD ready to give a sell signal an oversold bounce from here would give a perfect selling opportunity at higher levels.
  • 30 Minute shown with fibonacci levels. Fall took support near golden ratio More falls if this level gets broken again.
  • Second chart shows 200 Hour SMA which is crucial support level.
  • Daily chart shows weakness near the selling zone discussed earlier. Bulls are safe above 20 Day 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