August 25, 2016

  • 4 Hour chart shows a triangle pattern. Breakdown below the support line will be ideal for the pattern as the bigger time frames are trending in favour of bears. Upper breakout may be limited to the broken support line of the bearish pattern shown in chart 2.

  • Crude bears is trying to form a bearish Dark cloud cover pattern in weekly time frame.
  • Week closing below 46 levels can confirm bearishness.
  • For now price near crucial support resistance zone of 46.60. Sustaining below this level may extend correction. Crude bulls need to stay above this level to negate the above mentioned bearish view.

  • Gold remain bearish below 1335 level and the falling resistance line of one hour chart.
  • 15 Minutes chart shows immediate resistance levels at 1329 and 1331. Above these levels a bounce towards the breakdown zone at 1335.

  • Nifty one hour chart shows price contraction. For bulls its easy as price is in a major up trend a daily close outside this pattern will extend the trend. For the bears need a close below 20 Day SMA and the support line drawn in last chart. Bears may gain strength on closing below this support line.

  • ES daily testing 20 Day SMA. Recent tests of this moving average has favoured ES bulls. A Daily close below this line may turn things in favour of bears.
  • 4 Hour chart looks weak But price is testing crucial support zone between 2165 - 2173. Price structure will favour bears only on closing below this zone.


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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