August 17, 2013

  • Silver weekly chart shows a bullish close. This move may target the broken support line of the weekly Descending triangle shown in first chart.
  • Price has also made a close above 20 Week SMA or Middle Bollinger band. Price is likely to move towards the upper bollinger band.
  • Immediate resistance level at 38.2% Fib level near 24.50.
  • S&P 500 Weekend update

  • S&P 500 Managed to close below 50 Day SMA. But the closing does not looks convincing and Bears need to do more to pull prices down further.
  • Price is at 38.2% Fib level which is at 1652. This level has to break for extending the down more.
  • Bears must take care as Daily stochastic is reaching oversold zone. Bearish Below 1652. Strength above 1664
  • Bank nifty daily chart unable to gather strength continues to breakdown below 5 Day High EMA.
  • Weekly Fib levels shows price may fall towards 78.6% Fib level near 8977 levels.
  • Monthly chart too looks bearish as price is doing a vertical fall from Monthly upper bollinger band towards the Lower Band.


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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