May 14, 2014

  • Silver daily chart is getting resisted at 50 Day SMA.
  • Bigger upward momentum only on price staying above 50 Day SMA and the daily cloud.

  • Crude oil 4 Hour chart shows price near golden ratio and previous support level.
  • 30 Minutes cloud may act as immediate support level. Weakness on price trading below this level.

  • EURUSD Continues to respect the support levels discussed yesterday. 
  • Bears need a daily close below 200 SMA to extend gains.

  • NIFTY 15 Minutes chart shows price in a range. 
  • Price yet to give any significant retrace yet as shown in chart 2. 23.6% and the GAP may act as immediate support levels

  • Weekly chart continues to be strong
  • Daily candle with long shadow is giving some hope for bears. But this setup needs confirmation with a bearish candle closing into the GAP shown in last chart.

  • Daily chart shows a pause for SPY Bulls at the upper bollinger band. Weakness only if price starts to close back below 188 levels.
  • Price needs to clear the contraction patter shown in chart 2 for bigger direction to be seen.


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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