May 29, 2013

 
  • Google four hour chart shows support at 50 period SMA and 38.2% Fib level.
  • One hour chart shows Hourly cloud as resistance. Strength only on price moving back above hourly cloud.
 
  • ES Trading below 4 Hour Ichimoku cloud.
  • Price testing 100 Period SMA.
  • Bears of ES will be stronger once price starts to trade below 100 period SMA and 1629 - 1633 support zone.
  • Tata Steel nearing range top in daily chart.
  • Price also near 23.6% Fib level near 329 levels and Testing 5 Week High EMA at the current levels.
  • Price need to to a convincing close above 330 levels for a bigger up move to follow. Any weakness in daily chart could lead to a sell towards range bottom.
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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