March 15, 2013

  • CRUDE oil moving towards 50 Day SMA and Golden ratio.
  • Bearish cross of 50 and 20 SMA too may act as resistance for the up move.
  • ES CHANNEL UPDATE
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  • First chart of es shows price near the upper end of the channel. Having hit the resistance line a correction towards the channel support line may happen.
  • Second chart shows price with channel and cloud. bears need a cloud and channel breakdown for a bigger fall to happen.
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  • HDFC Bank took support at lower bollinger band and near 50 Week SMA.
  • Price also stays above the up trend line which willl keep the bullish trend intact.
  • Immediate resistance at 20 Week SMA. Support at 50 Week sma.


 
  • ES 4 Hour chart shows price nearing the channel resistance line.
  • One hour chart shows price moving up in a narrow channel.
  • Last chart shows price nearing resistance line. Break below the narrow channel may result in a correction.



 
  • Hour chart is testing 100 Hour sma.
  • Daily chart shows the Dark cloud cover pattern doing well so far. A Daily close below 20 Day SMA will add strength for the Dark Cloud cover pattern.
  • Holding above 20 SMA may see a resumption of the rally in Google.


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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