- Daily chart is shown with Bollinger band indicator. Price took support at the lower band and gave a reversal from there. Having crossed the middle line chances of price hitting the upper band is high.
- Weekly chart is shown with fibonacci levels. Price is trading above 61.8% Fib level. So if price manages to close above 11450 Next resistance in weekly chart is seen at 11700.
- Next chart shows the channels in weekly chart. Main support is shown at 11250 level. As long as price trades above this level chances of an upper breakout increases.
- So the most important levels to watch out for next week is 11250 on the down side and 11450 on the upside.
- US Dollar Support levels
December 5, 2010
- Google daily is trading in a descending channel.
- It seems this channel is being used to Fill the Big GAP in daily chart. Last week it was almost filled as shown in the second chart.
- Last weeks correction found support at the 38.5% Fibonacci levels.
- More upsides will be possible only on a good breakout above the channel in daily chart. 580 should be taken out and then the 23.6% @ 584 should be taken out as well for the stock to target 600.
- Support is seen at 553 levels if this breaks the GAP in daily chart will be filled completely. Stock may find support between 530 and 540. 50% Fibonacci level at 532 is a good support are for the stock.
- MACD and price is showing negative divergence in daily chart which is slightly negative . But if price gives a breakout above 1227 this negative divergence will vanish.
- Second chart shows SPX in a broad trading range with 1172 as low, 1227 as high and 1200 as middle point. Unless S&P 500 gives a breakout next week this index will remain in this range with negative bias. A strong breakout can take SPX to 1250 levels initially.
- GOLD MAY TEST THE ALL TIME HIGH
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