- SPY 5 minutes chart with the narrow range.
- Price has been in a range of 125.50 to 125.82 from yesterday.
- Violation of this range may give direction for the next move. Safer trade would be an upside breakout considering the larger trend of the market.
- YEN LOOKS WEAK AGAINST DOLLAR. (USDJPY CHART ANALYSIS)
December 23, 2010
- EURUSD may end correction near 78.6% again.
- Price is forming a falling wedge which is a bullish reversal pattern.
- Breaking the resistance line will be positive and should take out the dotted resistance line for a meaningful up move to happen.
- Breaking the support line will be negative but may find support near 78.6% Fibonacci level
- Japanese Yen looks weak against dollar.
- USDJPY gave good up move past few weeks from 80 levels to 84.
- Pair was not able to sustain above 84.40 has given a negative break today.
- If it trades below 82 we may see large correction for this pair
- Nifty Futures is trading near the support line of a possible triangle in 30 minutes chart.
- An up move if happens will target the resistance line for today.
- Break of the support line will be negative and will target 5960 NF Initially. Sustaining below 5960 can give good correction.
- Nifty is getting resisted at 50 DMA. We had a bearish cross of 20 below 50 recently and nifty rallied twice to this area and found resistance there. I feel nifty will breakout on the next attempt.
- Breaking below the support line will be negative and 20 DMA may act as support in this case.
- CRUDE OIL SUPPORT AND RESISTANCE LINES
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