May 12, 2014

  • First chart of silver shows price near the apex of a contracting pattern. Price is likely to give a big move soon.
  • Immediate resistance at 50 Day SMA
  • Crucial support at weekly lower bollinger band.

  • EURUSD Testing crucial support levels.
  • More falls on price falling below 20 Week SMA.
  • EURUSD Bulls need a daily reversal candle here for bigger bounce to happen.

  • ES Resistance levels and Immediate support level at 30 Minutes chart

  • Gold testing 50 day SMA again.
  • Daily chart also shows price nearing 38.2% Fib level  and Daily cloud which are potential resistance levels 

  • Tata Steel is likely to position itself near the resistance zone as we get close to the news event. Stocks like these are giving no clear clues. 
  • Weekly chart looks bullish But the Daily chart shows a clear range, If any bad news comes price can fall back to 332 levels with ease. The margin levels for trading these instruments are also likely to increase so its time to be cautious.

  • Bank of america weekly chart shows price violating crucial support lines.
  • Price has closed below 50 week sma.
  • Next hope for bulls is the weekly cloud which may act as support.


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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