November 21, 2012

  • ES Daily chart shows resistance at 38.2% Fib level.
  • 4 Hour chart shows resistance at 100 period sma. This time frame also shows resistance zone between 1387 - 1393. Bigger up move possible only on trading above these levels. 

  • Apples up move found resistance at 20 Day SMA.
  • Weekly chart too shows price back below 50 Week SMA.
  • Weekly chart with Ichimoku cloud shows price trying to stay above the cloud. For the long term up trend to be intact price on weekly chart must stay above the cloud. 
  • Nifty daily trying to stay above a falling support line. If this line is not broken we may see an up move.
  • Weekly chart is showing a MACD Sell signal . If the MACD signal takes effect then price may slide towards Weekly middle bollinger band. A weekly close below this level could bigger down moves for nifty.
  • So for bulls price should sustain above the falling support line and should move above the 50 Day SMA.
  • ES nearing the broken support level or the neck line of the head and shoulders pattern.
  • Second chart shows price with 20 and 200 Day SMA. The current setup looks very similar to the one happened on the left hand side which means more up moves to come. For bulls price need to sustain above 20 Day SMA.
  • Fib level shows the Golden ratio reversal and price at the broken 38.2% Fib level.

  • 4 Hour chart of gold shows an ascending triangle pattern
  • Daily chart shows price getting resisted at 50 Day SMA.
  • Daily close above 50 SMA could give good up moves for gold. For bears of Gold price need to break below the support line of the ascending triangle which may give a correction.


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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