December 17, 2013

 
  • Ford daily chart shows resistance at 50 and 100 Day SMA.
  • 4 Hour chart shows Ichimoku cloud and 38.2% Fib level acting as resistance.
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  • Price in 4 Hour chart is forming a bullish pattern But it continues to trade below key resistance levels like 200 Period SMA and the cloud of this time frame.
  • Price must close above 200 Period SMA first for a possible up move to happen then it should break and sustain above the cloud for resuming the larger trend.
  • BANK Of America previous resistance as support
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  • Bank of America is correcting towards previous resistance zone(14.97 - 15.03) which may act as support level.
  • Indicators like RSI are approaching oversold zone which may help bulls to turn up from the previous resistance level. 
  • for now 38.2% Fib level is trying to give support for the correction.
  • ES Chart update
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  • 4 Hour time frame shows Immediate resistance levels.
  • Daily chart shows strong support at the cloud. A Higher closing for daily candle should extend this up move above resistance levels.

  • Silver continues to move around the price pivot zone of 20.48 - 20.58. Price must close above this level for a bigger up move to happen. 38.2% Fib level too lies in this zone which makes it a resistance confluence.
  • 4 Hour chart shows a falling 200 period SMA which if not broken on closing basis may act as a strong resistance level for Silver.

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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