August 29, 2016

  • One hour chart shows price continues to stay inside the bearish channel.
  • Gold bulls will remain weak till price stay below 1335 and stay inside the bearish channel. 

  • Crude oil 4 hour chart shows a descending triangle pattern.
  • More weakness if price stays below 46.42 levels.
  • One hour chart shows price below 200 and 50 Hour SMA. More weakness only if price falls below the recent swing low.

  • Hourly charts shows support around 8540 levels. If bears unable to break this soon then price may move back into the range between 8600-8690. Immediate resistance for the current up move is the broken support of range around 8600 level.
  • Daily rising support line was violated last week But bears are not getting follow up price action. Bears need a close below this line for bigger falls to follow. 


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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