March 3, 2013

  • SLV Daily chart shows price near a possible support line with oversold RSI. 
  • Recent oversold RSI and price dips to the support line has resulted in an up move. Now price and RSI is showing a similar alignment.
  • Last chart shows Death cross which may invalidate the above bullish possibility. 
  • First chart shows a weekly falling resistance line which may act as support now. Price is also falling towards horizontal support zone of 148.27 levels.
  • Horizontal support zone near 148 is also the Golden ratio. Last chart shows oversold weekly RSI.
  • Oversold readings and Crucial support zone may give a long trade in GLD in the coming weeks.


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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