April 4, 2013

  • Crude oil correction from Triangle resistance line.
  • Price is at 200 and Day SMA and nearing triangle support line.
  • For a bigger fall price must breakdown below 200 SMA and Triangle support line.
  • Facebook has broken above the resistance line.
  • 4 Hour chart also shows price testing 50 period SMA. Price must sustain above this line for a bigger up move to happen
 
  • For ES bears price must sustain below the broken 100 period SMA.
  • 4 Hour chart shows bulls trying to hold above 23.6% Fib level.
  • Hour chart shows price falling from 50% Fib level.
  • IWM Closed below 50 day SMA.
  • Immediate support levels are the 23.6% Fib level and swing low of 88.79.
  • If the weekly candle closes around the current levels or lower then correction could extend towards the earlier resistance level of 86 as shown in last chart.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
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  • Bank Nifty Daily chart shows bearish cross with 20 and 50 Day SMA. 
  • 50 Week SMA is a crucial support level.
  • Oversold stochastic need price to hold above 50 Week SMA and support level to hold for an up move to happen.
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  • SPX Testing 23.6% Fib level.
  • Price correction followed by clear negative divergence with Price and RSI.
  • Recent falls like this has limited itself to the Daily Lower bollinger band. Price is likely to test this level again.
  • ES CORRECTION AND SUPPORT LEVELS
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  • Gold daily chart shows price continues to break support levels.
  • Daily chart also shows Ichimoku cloud acting as strong resistance levels.
  • Weekly chart shows a possible support level between 1522 -  1532.

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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