April 20, 2016

  • Silver week has moved above weekly cloud. Price fell below the weekly cloud back in 2011. Weekly chart shows possible resistance between 18.60 - 19 level. For confirming a bottom formation in weekly chart price must sustain above this level.

  • SPX Daily shows bulls fighting through resistance levels. 
  • Weekly chart shown with the long lower tails of weekly candles when price fell below 1900 levels. These long shadows suggest strong support near that levels, But for bears there are no big upper shadows which suggests advantage bulls. Bulls hoping to see one long upper shadow here.
  • Daily candle is showing slight negative divergence with Price and MACD. For this one to work price need to stay below the resistance levels discussed above.


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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