March 4, 2014

  • CRUDE Oil daily chart shows weakness at golden ratio.
  • Bigger fall only if price starts to trade below the up trend line and 20 Day SMA. Taking support at these levels will keep the up trend intact.

  • Gold daily chart shows price near recent swing High.
  • Bigger weakness only if price starts to trade below 20 Day SMA.
  • Gold bears need a bearish weekly candle at weekly cloud for a bigger fall to happen

  • Hindalco weekly chart suggests a short term bottom in place. Daily chart shows MACD indicator giving a buy signal after positive divergence
  • But price is still trading below 200 and 50 Day SMA's at 108 and 109 levels. This level must be crossed for bulls to extend the up move.

  • NIFTY Shows weakness at the 78.6% Fib level. For bulls price must close back above this level for extending the current up move.
  • Bears need price to close below 50 and 100 Day SMA as shown in chart one for a bigger down move to happen.
  • Price continues to trade in the range. For now price is near the resistance level of the range.


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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