May 1, 2013

  • SPY One hour chart near crucial support levels.
  • closing below 50 Hour SMA and 23.6% Fib level may extend the fall.

  • Gold 4 hour chart shows price correction from the corrective channel.
  • One hour chart shows price testing 200 Hour SMA. Price sustaining below this level will further strengthen gold bears.
  • Last chart shows daily chart with previous support line acting as resistance. Hope for bulls only if price is able to takeout this line which looks a tough ask in the short term.
  • Crude oil testing 200 Hour SMA. Hourly close below this level may weaken crude oil bulls further.
  • For Crude oil bulls there is hope in Four hour Ichimoku cloud and crucial Fib levels for a bounce. 
  • For an extended fall price must break the cloud shown in 4 Hour time frame.
  • ES continue to sustain above the Hourly trend line. Price did violate the trend line briefly but hour was unable to close below this crucial support level.
  • 30 Minutes chart shows price contraction between support and resistance lines.
  • For a decisive down move price must trade below 100 Hour SMA shown in the last chart.
  • Triangle shown below has given a breakdown.
  • The corrective up move shown in the last chart seems to have finished. Next support near 1435 - 1445 if not held price may retest the lows.
  • Gold one hour shows a triangle shaped contraction. False moves are possible from the pattern.
  • Price sustaining above 100 Hour SMA should give an upper breakout. Hourly close below this level will weaken the up trend of this time frame.
  • 4 Hour chart continues to look like a corrective up move.

  • Apple managed to close above 50 Day SMA with a bullish candle.
  • Price is testing daily ichimoku cloud which has acted as stiff resistance so far. But for now daily candle is yet to show any weakness.
  • If the cloud does not stop the bulls price is likely to extend this up move towards 100 Day SMA as its initial target.
  • Facebook trading above the falling resistance line of 4 Hour time frame. Closing near day High may extend gains towards 28 and above.
  • Price is testing 100 Day SMA. FB bulls need a close above this line to extend the up move.
  • Last chart shows price trying to close above 38.2% Fib level. Closing above it may extend gains towards 50% Fib level and above in the short term.


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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