June 4, 2014

 
  • Silver daily chart shows price below the support zone
  • Weekly chart shows price holding on to the support zone. 

 
  • Crude oil 4 hour chart shows crucial support zone. More falls only if this shaded level is broken.
  • Immediate resistance at the cloud.
  • Bigger bounce unlikely to happen because of the daily resistance zone.
  • ES one hour chart shows price starting to move sideways.
  • 4 Hour chart shows bollinger band contraction.
  • Only if the yellow shaded levels are violated on closing basis we may see bigger moves.




 
  • Nifty's candle at 20 SMA is acting like a hammer like reversal candle till now.
  • if stays above 7428 next target is 7504. Weakness only if price falls back below 23.6% Fib level again

 
  • The 4 hour cloud discussed in the earlier post of EURUSD Has acted as resistance.
  • Second chart shows the recent swing high too acting as resistance confluence.
  • Last chart shows the big daily range below which the pair is trading now. Any up move towards the range may give selling opportunities. Bigger up moves will be possible only if price gets back into the range.


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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