September 10, 2013

  • GOLD 4 Hour chart testing crucial support zone.
  • Gold bears need price to close below this zone for a bigger down move to happen. Below 1350 price may test 1320-1330 zone.
  • Crude oil Daily chart testing 50 Day SMA.
  • Second chart shows price testing the rising support line.
  • Crude oil bears need a daily close below 23.6% Fib level for a possible fall towards 38.2% Fib level near 102 levels.

  • Immediate resistance levels for Nifty at  recent swing High 5754 and the 200 Day SMA.
  • Price is approaching crucial Fibonacci resistance levels like Golden ratio and 78.6% Fibonacci level.
  • Weekly chart too looks good for an up move towards the Middle Bollinger band.

  • SPX Weekly chart shows price moving up from the rising support line
  • Price has also managed to close back above 50 Day SMA.
  • Earlier price took support near 50% retrace level and is nearing potential resistance at the broken 23.6% Fib level and previous support resistance area.


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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