August 12, 2016

  • Daily continues to show strong trend in favour of USDJPY Bears.
  • 2nd chart with down trend line shows new lows being created.
  • 4 Hour chart shows immediate support line or possible breakdown level. Fall below this line may trigger another correction for USDJPY.
  • CUP and HANDLE and TRIANGLE of GOLD
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  • First chart shows Gold 4 Hour in a triangle.
  • 4 Hour chart also shows the triangle as the Handle of a Larger CUP and HANDLE Pattern. This pattern mostly moves in favour of Bulls.
  • If price stays for another week inside the triangle then bigger moves are possible out of the triangle.
  • CRUDE OIL SUPPORT AND RESISTANCE
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  • Weakness in one hour if price starts to sustain below 43.35 levels.
  • Resistance in 4 hour chart at golden ratio. For bigger up moves price must move above this level which is around 43.92 levels.
  • ES Analysis before opening bell
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  • First chart shows price near resistance line. ES Bulls must do a breakout above 2186 levels for a bigger up move to happen.
  • Possible support levels if price starts to fall are 2174 and 2186 levels.
  • CRUDE OIL CHART UPDATE
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  • Daily chart shows a possible rising support line. Confirmation of weakness on daily close below this line.
  • Price is testing 20 Day SMA on its way up. More strength for bulls if daily sustains above 20 SMA.
  • Month candle so far is giving hope for bears. But those hopes will fade away once and if price starts to trade above last month high which is 8674.
  • CRUDE OIL CHART UPDATE
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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