August 30, 2013

  • Silver daily chart is showing weakness at 200 Day SMA.
  • Hour chart continues to be weak and has fallen below both 50 and 200 Hour SMA.
  • 4 Hour chart is testing the cloud. Getting support here may resume the up move. Breaking below the cloud may result in a bigger correction



 
  • Crude oil takes support at 50 Period SMA and the Golden ratio in four hour chart.
  • Weakness only on breaking below 106.75 levels.
  • Strength on sustaining above 108.15 levels.

  • ES Hour chart shows a corrective up move which is forming a bear flag kind of pattern.
  • Crucial resistance here is the 200 Hour SMA. Closing above this level may favor bulls for a bigger up move.
  • Weakness near 200 Hour SMA may lead price towards the lows near the 50% retrace level shown in daily time frame. Bears will gains strength on closing below 50% Fib level.

  • Tata Motors weekly chart is testing the resistance line of the triangle. Last breakout was not successful. Breakout on closing basis this time and a move above 315 - 320 levels may give a bigger up move for the stock.
  • Weakness here may take price back towards the weekly cloud. Weekly cloud is acting as strong support for the stock. Holding above the cloud price is likely to move higher.


  • Crude oil daily has fallen back into the range. 
  • 4 Hour chart also shows price falling back into the triangle pattern. Price closing inside the daily rang may give a bigger correction for crude.
  • One hour chart shows price near Golden ratio and 50 Hour SMA. Breaking this level may extend the current fall.

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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