September 22, 2016

  • Week is moving towards the resistance line as shown in first chart. Price is moving up from the Middle Bollinger band. If the resistance line shown in first chart is broken a bigger up move is possible in Gold.
  • One can track the strength of this up move with 20 SMA in 4 hour time frame. If price stays above this a bigger up move is possible
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  • ES Bulls testing crucial support and resistance at 2156.
  • Up move could not stay above Golden ratio. But bulls has not fallen much from the resistance zone which may give them another chance to move above this level. Bigger risk bulls only if price falls below 2146 level.
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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