June 2, 2014

  • Crude oil daily chart falling from resistance zone.
  • Price staying below 4 Hour cloud may extend the fall.
  • Last chart shows fib levels which may act as support levels.
  • Gold continues to trend down below the hourly cloud.
  • 4 Hour chart shows price giving new lows after the triangle breakdown.
  • Price likely to target 78.6% Fib level in the short term.

  • ES one hour chart continues to trend up above 50 Hour SMA and One hour cloud.
  • Hour chart also shows negative divergence with MACD Histogram. But this setup need price to show weakness. For bears price has to stay below 50 Hour SMA for a possible fall to start.



  • Friday's up move from the lows was good for bulls as price managed to get back above 38.2% Fib level.  In spite of that up move nifty Weekly chart shows a bearish engulfing pattern.
  • Immediate weakness if price falls back below 38.2% Fib level again.
  • Bigger fall only if last week low and 20 Day SMA is taken out on closing basis.
 
 
  • EBAY is getting rejected at the broken 100 Week SMA. Bulls of EBAY Must do a weekly close above this level for an up move to happen.
  • 2nd and 3rd chart shows price getting support near the support zone of the weekly range. For bears these levels must break on closing basis for a bigger fall to happen.

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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