January 9, 2014

  • Silver 4 hour chart shows price moving in a range.
  • Daily chart shows the up moves getting resisted at the 23.6% Fib level. Last chart shows the falling resistance line from 25 levels. Up moves towards this resistance line may give shorting opportunities.

  • Price sustaining below 50 Day SMA will favor bears of Bank Nifty.
  • Weekly MACD shows bearish alignment and Needs a weekly close below 5 week low EMA. 
  • Recent attempt to break above the weekly cloud has failed. For a bigger up move price must sustain above the cloud.
  • Above Bearish View will weaken if price starts to trade above 50 Day SMA.

  • Crude oil Hourly chart shows the strong down trend for the commodity, Daily and weekly charts are also looking bearish But they are at a crucial support zone. Price is testing the crucial 200 Week SMA and a support zone in daily chart. If these two levels are not held a bigger breakdown is possible in crude oil.
  • ES Resistance levels
  • Golden ratio and Previous support level is acting as resistance for ES.
  • Price must sustain above golden ratio on closing basis to extend the up move in hour charts.


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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