February 5, 2013

  • ES Hour chart shows support and resistance levels.
  • Second chart shows possible resistance at 78.6% Fib level. Getting resisted here may lead to a down move towards support levels.
  • SILVER RESISTANCE LEVELS
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  • Weekly chart shows resistance at 20 Week sma.
  • Daily chart shows resistance at 100 Day SMA. Daily candles unable to sustain above 100 Day SMA.
  • Fib levels shows resistance at Golden ratio. 
 
  • Netflix daily chart shows a bullish engulfing pattern But price continues to trade in a range. Price must breakout of the range for the engulfing pattern to work well.
  • Weekly fibonacci levels shows 50% Fib level at 178. This level also should be closed on closing basis to target the Golden ratio at 208.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
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  • ES Four hour chart finding support the support line of the Right angled ascending broadening pattern.
  • Other support levels at the same level are the 4 Hour cloud and Daily chart shows a possible trading range forming above 20 Day SMA.
  • Bears need a fall below 20 SMA for a bigger correction to happen.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
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  • Bank nifty testing previous resistance level which may act as support again.
  • BN also near 50 Day SMA.
  • But the alignment of Weekly MACD lines looks bad for BN Bulls. If 50 SMA does not hold we could see a bigger fall. 
  • SBI RANGE BREAKDOWN
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  • SBI Chart shows price breaking below the range and for the Range breakdown target is near 2890.
  • Price may test the Middle bollinger band or the up trend line if the fall continues.
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DAILY CHART
  • One hour chart shows a broadening top pattern with price testing 50 Hour SMA.
  • One Hour is also threatening to break the hourly cloud which may lead to bigger falls.
  • Daily chart shows  a Bearish cross in MACD lines. This bearish cross may well only if price breaks below Middle bollinger band.
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  • First chart of EURUSD is the 4 Hour time frame shown with possible support lines.
  • Ichimoku cloud of the same time frame may also act as support level if the fall continues.
  • 23.6% Fib level has broken and price falling towards 38.2% Fib level
  • ES BROADENING PATTERN
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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