October 7, 2013

  • Gold is nearing a crucial resistance line. Gold bulls need a breakout here and has to sustain above 50 Day SMA for a sustained up move to happen.
  • Bearish case for gold is the Descending triangle shown in daily chart. Gold bears need a daily close below 1270 for a bigger correction to happen

  • ES Daily chart shows price near rising support line
  • 4 Hour chart shows Golden ratio acting as support.
  • Last chart shows a slopping resistance line in four hour time frame which is working well for bears so far.
  • US Dollar Weekly support line
  • Price near 100 Day SMA and 50% Retrace level. 
  • Holding above 100 SMA will be negative for the banking Index. BN Bulls need a daily close below 100 SMA for the USDINR Pair which should result in an up move for Bank Nifty.
  • US Dollar Weekly support line

  • Weekly chart of JPM shows a bearish possibility. Price is trading below the weekly up trend line. Sustaining below this line price is likely to face selling pressure at higher levels.
  • Immediate resistance levels are at 50 Day SMA and the daily cloud. Only a breakout above the daily cloud on closing basis may change the bearish Scenario for JPM.
  • US Dollar Weekly support line


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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