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.


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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