December 30, 2016

  • Daily chart shows price moving below 200 Day SMA. Closing the daily below 200 SMA will strengthen bears further.
  • Weekly chart likely to give a big upper shadow if closes at the current levels or lower. Bulls badly need to close the week higher to avoid such a scenario. 
  • Hour chart shows price violating the trend line from 182 levels.
  • Bulls need to do more here to keep the up move from 180 levels intact If not weakness is getting confirmed at 200 SMA.
  • CRUDE Oil support and resistance levels

  • ES 4 Hour has broken the swing low of 2243. Next possible support at 2233.
  • 4 Hour time frame shows price below 100 Period SMA. Bigger weakness only if price break below 200 Period SMA and 2232 levels.
  • CRUDE Oil support and resistance levels

  • Crude oil 4 hour chart shows resistance for crude bulls at 54.50.
  • 100 Period SMA and cloud are crucial support levels for this time frame. Staying above them another breakout above the resistance zone is possible. Weakness in this time frame on price closing below the cloud.
  • GOLD Making another bullish move

  • Crucial resistance levels or targets for the current up move is between 50 Day SMA and 8274.
  • 50 Day SMA is at 8247 , 200 Day SMA is at 8261 and the recent swing high is at 8274. If the momentum holds price likely to test these levels.
  • Price in 15 minutes has to stay above the cloud to keep the momentum intact.
  • Nifty is testing crucial price level in Daily and Hourly time frames. 20 Day SMA, Round number at 8100 and 200 Hour SMA. Bulls can gain further momentum on a daily close above this level.
  • Weakness only if price falls below 8021 levels on closing basis.
  • GOLD Making another bullish move


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"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