June 18, 2015

  • Silver spike got resisted at 200 Day SMA. Price continues to stay above the triangle support line. Hope for silver bulls till price stays above the triangle support line.
  • ES Descending broadening pattern breakout

  • 4 Hour chart shows a Descending broadening formation breakout. According to Bullowski's pattern site target for a bullish breakout is the Highest point within the pattern. ES likely to test the recent high's again.

  • Reliance bulls has managed to close above 200 Day SMA But price has run into a resistance zone between 940 - 950. This is the resistance line of a Bullish ascending triangle pattern. A bigger up move will be possible only if price close above 950 levels. Price is likely to stay inside the ascending triangle for some more time before a bigger breakout can happen. For now the upward momentum will be lost if price closes below 918 levels and Weakness will return if price closes below 200 Day SMA.


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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