- Silver four hour chart shows a triangle pattern breakout.
- Price may find resistance near 30.750 area.
December 28, 2010
- SPY hour chart with a consolidation pattern.
- Breakout above the resistance line of the pattern will favor bulls to continue the up trend.
- Problem for bears is that the price action is happening well above 50 hour moving average. So any correction will get support from 50 hour moving average.
- 125.10 and 124.30 are important support levels.
- S&P 500 Chart with rising wedge pattern in its daily time frame.
- Rising wedge is a bearish pattern.
- For this week if price breakout above the resistance line and if it trades above 1265 the pattern will be invalid. SPX will gain good upward momentum if price sustains above 1265 this week.
- If price stays below the resistance line and 1260 we may see correction happening.
- TRIANGLE PATTERN OF US DOLLAR
- Last chart shows resistance at 50% Fibonacci levels.
- Next one shows 50 DMA resistance. Price not closed above it yet.
- First chart shows a classic example of previous support turning into resistance.
- So a close outside the range of 5975 - 6020 may give a clue to which side this is going to go.
- Daily chart of US Dollar shows price consolidation in a triangle pattern.
- Price has been moving between 79 and 80 for sometime now.
- The 50 DMA looks flat it shows no trend at the moment.
- So USD may move sideways till this triangle is resolved.
- For now it may move towards the lower 80 levels near 50 DMA.
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