March 4, 2016

  • Crude oil weekly chart shows a possible busted falling wedge pattern. Price made a false spike below the pattern. If price moves and closes above the falling resistance line of the pattern then a bigger up move is possible in crude. If sustains above the resistance line price may target 43+ levels.

  • Gold testing its recent resistance zone at 1260 levels. 4 Hour looks like an Ascending triangle kind of pattern which is bullish. For bulls price need to stay above the cloud and the support line shown in 2nd chart for a bigger breakout to happen. Weakness only if price falls back below the 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