February 12, 2013

 
  • BAC 4 Hour chart shows price near range Top.
  • Range breakout if happens should also take out 50% Fib level shown in weekly chart for a sustained up move to happen.
  • Unable to break above 50% Fib level may lead to weakness. 

DAILY CHART
  • Gold 4 Hour chart need to trade above 1654 level or the 23.6% Fib level shown in second chart for a bigger pullback to happen. Sustaining above 1654 price could target the broken rising support line and 1682 levels.
  • EURUSD RANGE BREAKOUT
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  • ES 30 Minutes chart shows price taking support at 38.2% Fib level.
  • hour chart took support at 100 Hour SMA.
  • Both the above mentioned levels must break for a bigger correction to happen. Horizontal support level shown in Hour chart too will continue to act as support 

  • If the range breakout sustains price should target 1.3495 levels.
  • Price sustaining below 38.2% fib level may take price back into the range.
  • Trading above 50% Fib level will extend price towards the golden ratio.
  • GLD TRIANGLE PATTERN
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  • GLD Weekly chart sustaining below the Crucial support of 100 Week SMA is not good for GLD Bulls. Price must get back above this level to avoid a bigger fall.
  • second chart shows a triangle breakdown in daily chart. For GLD Bulls price need to close the gap and get back into the pattern in order to do a Busted triangle.
  • For GLD Bulls crucial resistance levels in daily chart will be the 200 SMA and 50 SMA.
 
  • One hour chart of copper shows a Bearish Head and shoulders pattern. These day's Classic patterns rarely work according to the rules So its better to treat the Neck line as a support level to try long trades. 
  • Daily chart also shows 50 Day SMA around the neck line. Bears need a close below 50 SMA for short trades. Price sustaining above 50 SMA should favor long trades.

  • Price testing the up trend line and 100 Day SMA.
  • Price also near 50% fib level.
  • Breaking below the recent low of 2276 may cause a fall towards golden ratio before the bigger up move could happen. Strength on daily close above 2311 area.
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  • ES 4 Hour chart shows price respecting previous resistance levels as support so far.
  • One hour chart shows price in a smaller range above 50 Hour SMA. Breaking below 50 Hour SMA should give a bigger fall possibly towards 50% Fib level shown in last chart.

  • Facebook hour chart shows a possible falling wedge pattern.
  • Hour chart also shows  a bearish cross with 50 and 200 Hour SMA. 
  • For a turned around price must trade above 200 and 50 Hour SMA and also the Hourly Ichimoku cloud.




  • First chart shows price near the apex of a contracting pattern. 
  • 2nd chart shows death cross in daily chart. Death cross will do well only if price breaks the rising support lines.
  • If the rising support lines are held a bigger up move is possible in Silver.
  • GOLD TRIANGLE AND CHANNEL
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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