February 8, 2017

  • Gold Hour chart shows strong support from the cloud.
  • Price movement likely to be negative for bulls in hourly chart because of the resistance line.
  • Bigger correction will not be possible as long as price stays above hourly cloud.
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  • Crude oil 4 hour chart shows price violating the support line. Crude price is trying to move above this line.
  • 30 Minutes chart shows price testing the cloud. Staying below the cloud will favour crude bears. Crude bulls need price to move back above the cloud.
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  • One hour chart shows the 10 Point range.
  • Last chart shows 38.2% and 50 Period SMA as crucial support levels in 4 Hour time frame.
  • Second chart shows a possible contraction pattern in which price is likely to stay especially if price falls below 2280 levels. Bullish above 2294.
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  • Nifty 30 Minutes chart shows the bounce from the trend line.
  • 50 Hour SMA too is acting as support for now.
  • High of 8813 is crucial. Once this level gets crossed again Nifty will move towards 8900 plus levels.
  • Bigger worry for bulls only if levels like 8715 and 8672 gets broken.
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  • ES Falls to the range support zone around 2283 levels.
  • One hour chart too shows 38.2%  and 100 Hour SMA as immediate support levels. These levels should be held by ES bulls to avoid bigger weakness.
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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