November 4, 2014



  • Crude oil continues to give bearish breakdowns as seen in daily chart. Descending triangle discussed in an earlier post has worked well for CL bears.
  • Right now price is testing crucial support zone as shown in Month Time frame. Price action for now looks bad for Bulls of crude oil.



  • First two chart shows possible support levels in One hour time frame.
  • 4 Hour chart shown with a possible support line.
  • Bigger fall only if price closes below 100 Hour SMA and the Hourly cloud.




 
  • Resistance levels for reliance industries in daily chart.
  • Close above 1013 levels will strengthen reliance bulls further.



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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