January 10, 2017

 
 
  • Crude oil 4 hour chart shows price violating support lines.
  • Price staying below 200 Period SMA will add more strength for crude oil bulls.
  • If bulls cannot take price above 200 SMA then correction may extend towards 50.55 and 49.75 levels.  So this is a crucial level for crude oil bulls to defend.
  • GOLD Trend Update
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  • Immediate support and resistance levels for Gold are 1170 and 1185. Another range breakout if sustains above 1185 towards 1200 levels is possible. 
  • Weakness below 1170 levels and the 100 Hour SMA. Hour trend will be safe till price stays above the 100 Hour SMA.
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  • Nifty bulls need to close above 200 SMA to gain momentum.
  • Weakness below 50 Hour SMA and 8218 levels as shown in 2nd chart.
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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