February 23, 2016


  • Gold 4 hour chart shows a triangle pattern. 2nd chart shows price trying to stay above 4 Hour cloud. Triangle may favour gold bears if price close below the cloud. More strength above 1240 levels.
  • CRUDE OIL CHART UPDATE
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  • Crude oil 4 hour chart shows price near the apex of a contracting pattern. Price shall either break above the resistance cluster around 34 levels or break below the rising support line. Bulls need to stay above 50 Day SMA. Moving below 50 SMA and 31 levels again will keep the crude bears stronger. 
  • S&P 500 ANALYSIS AFTER CLOSING BELL
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  • For nifty bulls price need to stay above 50 Hour SMA and the rising support line. For a bigger reversal to happen price should also move above 200 Hour SMA. If price continues to stay below 200 Hour SMA we are possibly seeing a bearish flag kind of consolidation. So its crucial for bulls to close and stay above 200 Hour SMA Otherwise the lows may get tested again.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
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  • 2nd chart the Month Time frame of ICICI Bank shows price below the rising support line from 50 levels. This set up add strength for bears. But as the Weekly chart shows 188 is a crucial support zone. If 188 holds a decent bounce looks possible. On the contrary if 188 gets broken then 175 and 150 levels are possible. For a bounce to confirm price needs to break and sustain above hourly cloud.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
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  • 4 Hour chart shows price near previous resistance zone 1947 - 1951. Daily chart too shows price near the crucial moving average of 50 Day SMA. last chart with Fib levels shows price at 50% Retrace level. So Bulls need a daily close above this zone to extend this bounce towards 2000 levels. On the other hand Weakness here could take price back towards the recent lows.
  • ES SUPPORT AND RESISTANCE LEVELS
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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