November 5, 2012

  • EURUSD Testing crucial support zone between 1.2748 - 1.2805
  • Price at 200 Day SMA
  • Daily chart is also approaching 38.2% Fib level.
  • Breaking these levels could give an extended fall for EURUSD.

  • Copper weekly chart shows price moving towards the support line of the triangle.
  • Daily chart shows price testing Golden ratio. Sustaining below Golden ratio should extend the down move towards 78.6% Fib level.
  • Daily chart also shows a possible bearish cross with 20 and 200 SMA which will also extend the correction.
  • For a bigger up move to happen the Triangle support line has to be held.
  • ES Daily resistance at 50 Day SMA and Price has fallen below 100 Day SMA. Sustaining below 100 SMA will lead to bigger falls.
  • Crucial support levels are near 1393 and 38.2% Fib level in daily time frame.
  • Nifty futures struggling to cross the resistance zone between  5743 - 5756
  • Nifty futures recent high was near the golden ratio for 5856 - 5613.
  • Price may fall towards the GAP before moving up again. Bears need to close below the gap for a down move. Bulls need a close above 5756 NF.

  • Nifty managed to close above 5 Day High EMA and 20 Day SMA.
  • But price is yet to capture 5 Week High EMA on closing basis.
  • 3rd chart shows nifty back into the earlier trading range thus not giving clarity for the bigger direction.
  • Last chart shows price closing above Golden ratio of bigger time frame which is a big relief for bulls now.
  • SILVER Daily has closed below 200 Day SMA.
  • Recent Stochastic sell signals in Weekly chart has performed well. Stochastic line is yet to cross below 50% line so more selling is to come.
  • Last chart shows price near 20 week sma. Sustaining below this level should take price towards the crucial support zone between  25 - 26.


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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."
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