December 12, 2013

 
  • Silver daily chart shows previous support level and 38.2% Fib level acting as resistance.
  • Price closing below the 4 Hour cloud may extend the fall.
  • Hour chart shows price testing the golden ratio. Price sustaining below this level will strengthen silver bears.
 
  • ES Sustaining below 200 period SMA will continue to favor bears.
  • Bulls trying to hold above the previous resistance zone which has acted as support so far. This is also the 50% Fib level as shown in chart 3. This area must be broken by bears on closing basis for extending gains.
  • DOW Jones analysis after closing bell
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  • Dow Jones Daily chart shows bearish reversal candles working well for bears. Price is not testing crucial support levels
  • Bears need price to close back into the channel shown in second chart for a bigger downfall to happen.
  • Last chart shows price testing 23.6% Fib level and lower bollinger band. Price need to close below these levels for bears to extend gains.

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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