October 23, 2013

  • ES one hour chart testing 100 Hour SMA and support zone. Closing below support zone may extend the fall.
  • CRUDE OIL Multiple time frames
  • Crude oil daily chart shows price breaking crucial support levels.
  • Weekly chart shows the rising support line to which price may fall in the short term.
  • Monthly chart shows a bigger bearish possibility as it is ranging between 38.2% Fib level and 61.8%. If the rising support line in weekly chart does not hold then price may fall towards 38.2% Fib level shown in monthly chart which is at 77 levels.
  • GOLD Testing resistance levels

  • Tata steel Weekly charts shows price moving towards multiple resistance levels.
  • Price may have some more upside left. Looks for weakness between 350 - 360 levels. Reversal candles in weekly chart may resume the down move for the stock. On the contrary the long term bulls of tata steel Need a weekly cloud breakout on closing basis to continues this up move.
  • AXIS Bank Inverted Head and Shoulders pattern

  • Recent attempts in daily time frame to stay above 200 SMA does not look good for Bulls But price action in weekly chart looks slightly bulls. 
  • Weekly chart shows a range of 9 points and Price trying to stay above the weekly cloud. Sustaining above the cloud price should move towards 95 - 98 zone. Negative news may take price towards the lower end of the range at 80.

  • SILVER Weekly chart shows price contraction which may soon get resolved for bigger moves.
  • Daily chart is near 200 Day SMA which may act as resistance.
  • Closing above daily cloud and 200 Day SMA should lead to bigger up moves.
  • CRUDE Oil Violates support levels


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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