April 23, 2014

  • Gold hour trend continues to be down.
  • 4 Hour and Daily chart is testing crucial support zone. Breaking below this level may lead to a bigger fall in gold.
  • Gold bulls must get back above 100 Day SMA soon to avoid a bigger correction.

  • ES has broken above the resistance zone discussed yesterday. For now price is likely to retest the previous resistance zone if 50 Hour SMA is not held.
  • First two charts shows immediate support levels If not held price may slip towards previous resistance zone.




  • Bank nifty weekly chart shows price pausing near previous swing high. Daily chart too shows A Doji formation near range High.
  • Weakness in daily chart only when price starts to trade below 20 Day SMA. Possible weakness near upper bollinger band.



  • Netflix Day and Weekly time frames facing multiple resistance levels.
  • Bulls need a weekly close above 20 Week SMA to confirm a larger up move.
  • Weakness on closing below 364 and 350 levels.

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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