January 14, 2015

 
  • ES Bulls trying to protect Crucial support level.
  • All bears need is a daily close below 200 Day SMA.



 
  • TESLA Daily chart shows a Death Cross. Although Death cross is a bearish event it happens after the stock has fallen a lot. Now price is nearing a crucial support zone between 192 - 194. Weekly chart also shows price testing the Weekly Ichimoku cloud. This is an area from were a long trade is possible.
  • Bigger weakness for Tesla if week starts to close below the cloud.



  • Gold daily is testing 200 Day SMA
  • Price is also testing previous support area around 1240 - 50 which may act as resistance.
  • The current pattern in daily chart looks like an ascending Triangle pattern. So this may work in favor of Gold bulls If the fall is limited to the rising support line of the pattern.




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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