August 10, 2016

  • GBPUSD Month chart shows price violating Multi Year support line. Month close at the current levels or lower will confirm more bearishness for the pair.
  • Weekly chart shows a range between 1.28 and 1.32 levels. Week close above 1.32 will bring some relief for the bulls of GBPUSD. Weekly close below 1.28 levels will strengthen bears further.

  • ES one hour chart shows price in another range. Resistance line is shown in 4 hour chart. Weakness if price falls below 2173 levels.
  • Crude oil trying to take support at 100 Hour SMA.
  • Crude bulls need price to get back above hourly cloud to resume the up move.
  • Weakness only if price falls back below 42.10 levels.

  • Apple week shows next resistance at 112 levels. A bigger up move possible for apple bulls if week closes above 112.39 levels.
  • Weakness in apple only if price falls back to 200 Day SMA levels. But for now bulls are able to sustain and move above 200 Day SMA.
  • Month chart too is showing bullish price action so far.

  • Nifty 30 Minutes shows price falling towards the unfilled GAP.
  • More weakness if price falls below 200 SMA in one hour chart. Last attempt by bears to take price below 200 SMA was failed.

  • Gold bulls trying to take support above 1335 levels.
  • If falls below 1335 price may target 1310 levels. 
  • Bulls will remain safe from a bigger correction if price sustains above 1335 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