January 21, 2013

 
  • Gold nearing channel resistance line.
  • Price also testing the cloud and near 100 Day SMA.
  • Bulls of Gold must trade the above mentioned levels for an up move towards 1750 to happen. Getting resisted at the channel could give a correction back to the channel support line.
  • DOW JONES TRIPLE DIVERGENCE




  • Morgan Stanley shows GAP up and close near the high's with Good Volume increase.
  • Sustaining above 21.19 this up move is likely to continue at least till 24.46 levels.
  • One hurdle for bulls could be the Golden ratio shown in the last chart. Trading above this level should give a bigger up move for MS
  • DOW JONES TRIPLE DIVERGENCE
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  • Bank nifty forms another 300 Plus range. 
  • This range must resolve for a 300 point move to happen. Price is trying to hold above 20 Day SMA.
  • Weekly MACD histogram has been diverging without any major correction for a while. MACD lines are still in buy mode. Price closing below 20 SMA may trigger a correction.
  • DOW JONES TRIPLE DIVERGENCE
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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."
—Jesse Livermore