April 23, 2015

  • ES 4 hour chart shows price moving above one of the resistance levels.
  • Daily has one more resistance level to cross.

  • Gold 4 Hour chart shows price testing crucial support zone. 
  • More weakness if 1180 levels is broken on closing basis.

  • Conclusion of above charts is that daily is looking bullish but weekly is showing big bearish possibilities. Hence the title conflicting signals ahead of quarterly results.

  • Nifty bounces from or near 200 SMA. Bounce was also closer to previous month low. Now both 8284 and 8269 are crucial numbers. 8269 being previous month low must hold for bulls to avoid bigger correction.
  • Week yet to test the up trend line from 5118 levels.  
  • GOLD Chart analysis: CLICK Here


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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