July 5, 2013

  • CRUDE Oil near triangle resistance line
  • Weekly chart with fib levels for the fall from 110 to 77 shows price testing 78.6% Fib level.
  • So to continue this up move price must break above these two crucial resistance levels on closing basis.

  • ES one hour chart shows price trying to stay above the range. Price trading back into the range will be negative.
  • 4 Hour chart shows price testing multiple resistance lines.
  • Nifty trying to reverse from 20 Day SMA Would need a weekly close above 20 Week SMA to sustain the up move into the next week.
  • Price should sustain above 5 Day High EMA to target next resistance level at 50 Day SMA.
  • ES near multiple resistance levels The falling resistance line, 78.6% Fib level and 50 Day SMA. Weakness here means good correction to follow. Daily close above these levels may take price towards the recent high's again.


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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