April 12, 2013

 
  • Crude oil has fallen below 200 Day SMA.
  • Price is near crucial support levels, Golden ratio and swing low near 89 may prevent a bigger fall from happening.
  • Gold weekly chart shows price violating range bottom.
  • Hour chart shows price forming a Pin Bar candlestick which may give a bounce towards the breakdown level.
  • Gold at weekly range support level.
  • Week is showing a range between 1522 - 1800. Price testing the support zone of the weekly range. 
  • Bulls of Gold need a weekly candle with a long shadow which will indicate a short term bottom in place. Bears of Gold need the weekly candle to close below 1500 - 1520 level which will indicate a larger breakdown in Gold prices. 
  • IWM RESISTANCE LEVELS
  • ES Testing hourly support levels.
  • Price at 23.6% Fib level and Hourly cloud.
  • Below 23.6% price may fall towards 38.2% Fib level. For a bigger breakdown price must sustain below Hourly cloud.
  • IWM RESISTANCE LEVELS
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  • IWM Near daily resistance zone of 94.47 - 94.96.
  • Daily chart shows an inverted hammer candlestick which is bearish and needs price follow up with selling to confirm the pattern.
  • Last chart shows overbought readings But price yet to breakdown. Price must fall below the support line shown in the last chart 
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  • Infosys has two unfilled gap's in daily chart
  • Weekly chart shows price unable to break above the Golden ratio. Many breakout attempts have failed at this strong resistance level.
  • Daily chart has managed to close above High EMA But weekly is still below 5 Week High EMA, Weekly MACD is also looking bearish.
  • Bad news means price may move towards the previous result gap between 2379-2521. Good news may give a breakout above the Golden ratio.
  • SBI CHART ANALYSIS
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  • SBI Has violated the neckline of the Head and shoulders pattern. But stock is lacking downward momentum. Price has to break below 1976 for further down moves to happen.
  • Strength can be seen on price trading above 20 Day SMA and the down trend line. Immediate resistance level at 20 Day SMA.


 
  • ES 15 Minutes chart shown with the range breakout and consolidation after breakout. Bullish on price sustaining above the range. Price falling back below the range and breaking the up trend line could lead to a fall.
  • For the shorter time frame trend to turn price must sustain below the cloud.

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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