October 17, 2013

  • Gold 4 hour chart show bullish price action. Immediate resistance level near 1330 levels. Daily close above 1330 level may help Gold bulls to target the upper Bollinger band shown in last chart
  • ES Resistance lines
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  • ES 4 hour chart shows price nearing recent resistance lines. Daily chart shows possible sloping resistance line. One hour chart shows price making new high's



 
  • Bank nifty shows strong resistance at 100 Day SMA. This has to be taken out on closing basis for a bigger up move to happen.
  • Daily chart also shows a bearish engulfing pattern.
  • Last chart shows crucial support levels for Bank Nifty. A lower closing today would confirm or strengthen the bearish engulfing pattern.



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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