May 5, 2014

  • Ford daily chart shows strong resistance at 200 Day SMA.
  • Daily chart also shows price testing possible support line
  • Weekly chart has 20 Week SMA as crucial support. If price takes support at the rising support line an up move is possible towards the upper end of the triangle.

  • Gold fib levels shows support at 50% fib level
  • Resistance at 50 Day SMA and daily cloud. Breaking these levels on closing basis may result in bigger moves.

  • ES Daily chart shows price reacting negatively from the resistance zone.
  • More falls on price staying below 23.6% Fib level and the shaded support zone in hour chart.

  • Nifty hour chart shows price continues to stay above the support zone.
  • Strength only on price moving above 50 Hour SMA. Possible fib resistance levels shown in last chart.

  • Chart 2 and 3 shows crucial support levels for daily time frame.
  • Chart 1 the weekly time frame shows the resistance zone. Resistance zone is likely to be challenged only after the news event is over. If price stays above the short term support levels another up turn is possible.


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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