April 7, 2015

  • Crude oil has moved above the neck line of IHNS pattern.
  • Now the patterns success will be based up on Range top. One should wait to see how price react at range high in Daily time frame.

  • Gold 4 hour looks like a possible Inverted head and shoulders pattern. which is bullish.
  • But Daily is still below 200 SMA.
  • Even if gold bulls manage to cross 200 SMA they have to do more as the Weekly cloud may act as stiff resistance. So till price crosses the cloud Gold bears are safe.
  • ES 4 4 Hour chart shows price moving out of the Descending triangle. For bears the direction of breakout is in the wrong direction
  • For this time frame price is testing a crucial resistance zone. Bigger up moves possible on closing above 200 period SMA.
  • Price continues to remain range bound.


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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