June 11, 2014

  • Gold Daily time frame shows price pausing at 20 Day SMA.
  • 4 Hour time frame also shows price pausing at 38.2% Fib level and cloud.
  • Gold bulls need to close above these levels to target 1280 zone. Weakness here may resume the down move.

  • ES 4 hour chart with support levels
  • Weakness if price starts to trade below the up trend line.

  • EURUSD trading near crucial support levels in weekly time frame.
  • Crude oil daily chart shows price testing the resistance zone. Daily chart looks like a Bullish ascending triangle, But the chances of a Triple to cannot be ruled out as well. 
  • Weakness can be confirmed if price falls back below the four hour cloud again.

  • BN is showing negative divergence But corrections thus far are shallow and limited to 20 Day SMA. So a bigger fall only if 20 day SMA is broken on closing basis.
  • If 20 SMA is broken then price is likely to move sideways in a range as shown in first chart.


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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