September 21, 2015

  • Gold weekly continues to favour bears. Till price stays below the cloud and the falling resistance line there will not be bigger up moves. Staying below the weekly cloud new lows are possible

  • ES Weekly and daily charts with immediate resistance levels. Crucial resistance level for bulls to cross above is 50 Week SMA. Till price stays below this level bears can hope bigger falls.

  • TCS Month chart shows a triangle pattern. Price need to close outside the boundaries of the pattern for bigger direction to happen. Bearish move must break below the weekly cloud for bigger falls to happen.

  • Weekly chart shows weakness but staying above the weekly trend line will keep the bullishness of the pair intact.
  • Month chart shows a possible double top kind of pattern But the current month candle need to more on the bearish side and close lower for the bearish set up to confirm.


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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