December 3, 2013

  • Crude oil 4 hour chart shows price trying to stay above crucial support resistance zone.
  • Daily chart shows price nearing 23.6% Fib level and 50 Day SMA. Only a daily close above these levels will help Crude oil bulls to extend this up move. Unable to close above 50 Day SMA may resume the fall in crude oil.
  • FORD Chart analysis

  • Price resistance level at 17.2, Daily upper bollinger band and 50 Day SMA too is acting as resistance levels.
  • Immediate support at 20 Day SMA which is at 19.96 level.
  • Daily chart shows a contraction pattern which is forming after a down move so can be considered as a bearish continuation pattern on the contrary bulls need a close above 50 Day SMA and 17.2 level on closing basis for an up move to happen.
  • ES Chart update

  • ES 4 Hour chart shows price violating crucial support levels.
  • chart 2 and 3 shows price testing 23.6% Fib level and nearing 100 Period SMA. Price must break below these two levels on closing basis for a bigger fall to happen.
  • Tata Motors daily chart shows a broadening pattern.
  • Weekly chart is trading near resistance line. Price yet to confirm any weakness and Weekly indicators yet to show a sell signal. So one has to wait to confirm weakness before going short.
  • stock trading above 405 - 410 zone on closing basis may negate the above bearish view.
  • GOLD Trend update

  • Yesterday's daily candle looks more bearish with today's price action, Needs price to close below 20 Day SMA for a bigger fall to happen.
  • Weekly chart need a close below 16000 levels for a bearish weekly formation to form.
  • Weekly chart with RSI and price has been showing negative divergence for quite some time without showing results.
  • GOLD Trend update

  • Weekly chart of silver shows price continues to be in a strong down trend and price likely to test the recent swing low at 18 levels again.
  • 4 Hour chart too  continues to give new lows. Attempted up move was halted at 4 hour cloud. No turnaround possible until price stays below the cloud.
  • GOLD Trend update


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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