October 29, 2015

  • Gold daily falls back below 200 SMA. The spike above 200 SMA line did not last long. Recent attempt to stay above this line was failed too as seen in chart 1
  • Weekly chart continues to show weakness near the cloud.

  • ES Daily is moving towards resistance zone. But price action in chart 2 and 3 continues to favour bulls. Higher lows needs to break for a possible correction to start.

  • Nifty bulls need to stay above 8100 levels to avoid bigger falls. Bulls also need to avoid the weekly bearish engulfing. Bears may gain momentum if the bearish engulfing gets confirmed tomorrow.


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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