May 9, 2014

  • Multiple resistance levels for crude oil
  • A Daily close above 50 Day SMA may give an extended bounce for crude oil.

  • Nifty takes support at the zone discussed earlier.
  • Price has moved above 20 day sma.
  • Bulls will GAIN Strength on day closing back above 20 Day sma.
  • Immediate level to watch is the Golden ratio shown in hour time frame.
  • Nifty testing the crucial support zone near 6650 levels. 
  • Sustaining below 6642 may lead to 50 Day SMA.
  • Weekly chart is falling after a bearish PIN BAR at the top, This pattern will be more prominent if price closes below 5 Week Low EMA.
  • Resistance levels discussed yesterday for gold has done well so far. Price for now has fallen back to the support zone at 50% Fib level. Bigger move only on breaking these levels on closing basis


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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