August 1, 2016

  • Crude oil Daily violates 200 Day SMA. Bigger weakness only if Daily candle sustains and closes below this moving average.
  • 4 Hour chart shows the trending down move. Price continues to create new lows in hourly time frames.
  • The bearish PIN BAR Formed few weeks back looks so good now.
  • Gold 4 hour chart shows a steady up move in gold. Immediate weakness in short term charts if price trades below 1352 levels.
  • One hour chart shows  a possible pennant which is a trend continuation pattern. 
  • 4 Hour candle closing back in to the rectangle will favour bears as it will confirm a false breakout. But bears need to take price below 4 Hour cloud to confirm weakness.
  • 4 Hour chart shows a bounce is it a dead cat bounce?. More strength for the bounce if it sustains beyond 41.70 levels.
  • Daily chart shows bears unable to break below 200 SMA. More strength for bears only if they are able to break and sustain below this crucial moving average.


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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