November 28, 2012

  • SILVER Daily chart falling back to 50 Day SMA
  • 4 Hour chart also shows Ichimoku cloud trying to support the fall. If cloud breaks deeper fall is possible.
 
  • NIFTY Closed above 20 and 50 Day SMA. This level should now act as support.
  • Line chart shows price still in a consolidation range. For bigger move price has to resolve this pattern.
  • Weekly chart shows price above 5 Week High EMA. Only a closing value above High EMA will confirm strength.
 
 
  • QQQ Near 200 Day SMA.
  • Four hour chart shows price near Ichimoku cloud.
  • Fibonacci levels shows price above 38.2% Fib level. Up move may extend towards 50% Fib level.
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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