May 30, 2013

  • ES four hour chart show price moving towards the resistance line of the triangle pattern.
  • Price nearing crucial Fib levels.
  • Price trying to stay above hourly cloud need to break above the resistance line for a bigger up move to happen.
  • Facebook one hour chart shows price testing 50 Hour SMA.
  • Price also near 23.6% Fib level. Violating these two levels may lead to the hourly cloud. Sustaining below the cloud may resume the fall.

  • GOLD Four hour shows an ascending triangle breakout.
  • Resistance levels with fib levels looks good for bears as price is approaching Golden ratio.
  • If fib resistance levels are broken price may target the support resistance lines shown in daily time frame.

  • Crude oil near range bottom. 
  • Support at 92.13 if not held could lead to 50% Fib level and 200 Day SMA.

  • Crucial support levels 20 Day SMA and 23.6% Fib level.
  • Week is testing 5 Week High EMA (6111). Moving back above this level on weekly closing basis will help bulls to resume the up move. 

  • Facebook One hour chart shows price giving new lows.
  • Price moving down in a channel. Price near channel support line which may give an oversold bounce.
  • Major resistance will be the hourly cloud. Prevailing trend will become weak only on trading above 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