January 19, 2015

  • Crude oil bulls trying to form a base. Daily chart shows positive divergence. For crude oil bulls price need to stay above the cloud and 20 Day SMA For a bigger bounce to happen.
  • Black up trend line shown in first chart is crucial. Weakness if price starts to trade below this line.


  • ES 200 Hour SMA acting as immediate resistance.
  • Daily 200 SMA is acting as support so far. Although price closed below this line, Bears for now seems to have lost momentum
  • Support zone shown in 4 Hour chart continues to be crucial. Staying above this level may give an up move.



  • Gold extending its gain above 200 SMA.
  • Weekly chart shows positive divergence.
  • Next Crucial resistance on weekly chart is the cloud. Weekly close above the cloud may give an extended up move for gold.




Disclaimer

All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.

Followers

Blog Archive

Powered by Blogger.

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