August 31, 2016

  • 4 Hour chart shows price testing crucial support resistance zone.
  • 1300 being a round number has its importance as well.
  • Gold bulls trying to hold on to this level to avoid bigger correction.
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  • ES 4 Hour pausing above the recent support zone at 2164. This level must go to extend the current weakness.
  • Daily chart shows a rising support resistance zone. This line must break for a bigger fall to happen.
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  • Tesla has fallen below 200 SMA. 
  • Weekly chart also looking bearish. Next support levels are at 203 and 187.
  • Sustaining below 200 SMA price is likely to test 203 levels.
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  • Gold 4 hour chart shows price near crucial support zone (1310).
  • Price continues to move down staying within the bearish channel.
  • for a reversal from here price need to break above the bearish channel.
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  • Nifty daily time frame shows price making another Higher Highs. Trend continues to remain strong. Unless bears get a Lower low chances of a sustained fall will not start.
  • The Diamond pattern. When price enters from below the pattern it mostly exits on the opposite side. Not a strict rule but most of the time it results in such moves. This pattern though managed to trap many traders on the down side before the larger trend resumed. 
  • Month chart shows the 6th Bullish candle being formed. The momentum in this time frame likely to take price towards the resistance zone shown 
  • NIFTY INTRADAY UPDATE
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  • Crude oil 4 hour chart shows price staying below a descending triangle pattern.
  • other charts possible support level for crude above 45 levels. For a bigger trending fall price must fall below the 45 Levels discussed in chart 2 and 3.
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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