March 9, 2017

  • Crude oil weekly chart testing possible support line drawn from 26 levels through 42.
  • Fib levels shows price getting resisted at 78.6% Fib level, But the correction towards 61.8% Took many weeks to happen. 
  • Now if the Golden ratio does not act as support price may fall towards 100 Week SMA and a support line drawn in the same chart.
  • GOLD Trend and Channel

  • ES staying below 4 hour cloud will favour bears on up moves or bounces.
  • One hour cloud is acting as immediate resistance. Bears may loose momentum if price starts to stay above Hourly cloud.
  • Last chart shows possible support levels if price starts to fall further.
  • GOLD Trend and Channel

  • Gold 1 Hour trending below the cloud. Staying below the cloud Gold bears likely to see 1200 and 1190 levels.
  • 4 Hour chart shows a bearish channel in place. If the channel stays intact, Price likely to target 1187 levels.
  • Warning of a reversal if price moves above 1 Hour cloud.


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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