October 24, 2012

  • Crude oil breaking crucial support levels.
  • Next support levels are 78.6% Fib level and 83.60. Falling below these levels could lead to a bigger fall in crude oil
  • BAC Daily chart shows a triangle pattern.
  • One hour chart shows support at 200 Hour SMA. Daily close above 9.60 should confirm a breakout. Bears need a close below 200 Hour SMA.
  • Silver one hour chart shows a bearish cross with 200 and 50 Hour SMA. Price sustaining below 50 Hour SMA will continue to favor silver bears.
  • Daily chart shows price falling towards 200 SMA.
  • Weekly chart shows price breaking below 23.6% Fib level. Price sustaining below 23.6% Fib level will also favor silver bears towards 200 Day SMA.  
  • GOLD Weekly chart shows price nearing weekly cloud.
  • Daily chart Nearing 100 Day SMA and Crucial fibonacci levels which may give a bounce for gold.

  • ES Daily chart trying to hold on to its 100 Day SMA.
  • Hour chart below hourly cloud and 50 Hour SMA Will continue to favor bears.
  • For bigger down falls daily chart must break and close below 100 Day SMA.

  • Weekly chart shows next crucial support near 1397 levels and the rising support line of week chart.
  • Daily chart shows price moving towards 100 Day SMA.
  • Up Trend line and horizontal support zone has clearly broken. Sustaining below these levels should give 100 SMA For bears.
  • 15 Minutes chart shows price getting weaker as it nears the cloud.


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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