May 15, 2015

  • Gold trying to stay above 200 Day SMA.
  • Daily chart also shows price testing crucial resistance zone around 1220 levels.
  • This area is also the 50% Retrace level so a crucial area for bulls to cross above for extending the bounce.
  • Silver Triangle Pattern: CLICK Here
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  • ES 4 Hour and One hour chart moves out of the Ascending triangle patterns. 4 Hour also looks like an Inverted Head and shoulders pattern.
  • If price sustains above the Neck line, IHNS Should give about 40 points on the upside.
  • Bulls need a 4 Hour closing above the resistance zone to confirm strength.
  • ES Ascending triangle: CLICK Here
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  • CNX IT at a support line and is near Weekly Ichimoku cloud.
  • Weekly RSI is fast approaching oversold region.
  • If the recent lows around 10600 are held a reversal can be seen. IT bears need price to close into the weekly cloud.



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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