November 30, 2011
- Resistance lines in daily time frame and Four hour time frame.
- Price getting resisted by the the resistance line in four hour time frame is low because of the high momentum of price But the resistance line in daily time frame may be tough to cross. Look for weakness at these resistance line in the form of Doji or bearish candles before going short.
- COPPER BREAKOUT
- Reliance daily charts are looking oversold. But weekly indicators are yet to bottom out and shows possibility of more downside to come.
- We may see an oversold bounce from daily charts which might give good shorting opportunities at higher levels.
- Stock will be under pressure till the weekly stochastic bottom out.
November 29, 2011
- Apple staying above 200 SMA will favor bulls of apple.
- If price stays above the resistance line drawn in 2nd chart MACD indicator will give a buy signal soon which can take stock towards its 50 Day SMA.
- So longs are safe above 200 SMA.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- If the recent low is not broken we might see this up move extending towards the resistance line of the channel. That is how price has behaved in this channel so far, so the cycle may get repeated again. But a word of caution for bulls is that price has not hit the channel bottom yet.
- If it is going to be a corrective up move dips will be opportunities to buy as long as price does not retrace too much. Price Closing above 5 Day High EMA and Week Low EMA will help bulls.
- S&P 500 EOD UPDATE
- Daily chart shows price taking support at the golden ratio.
- 50 SMA and the broken support levels may act as resistance levels. Closing above 50 Day SMA will strengthen bulls.
- Hour chart shows a possible IHNS pattern getting formed with neck line at 1198.50. Breakout can take SPX towards 1215-1220 resistance band.
- CRUDE OIL ANALYSIS
November 28, 2011
- Crude oil Daily chart is shown with a consolidation pattern after an up move. So this can be a bullish consolidation pattern. But it is also shaping like a Descending Triangle which is bearish. With the bearish weekly candle at the top short term can be negative for crude oil.
- Important support level is between 94 - 95. Breaking and daily candle closing below this level may lead to a bigger correction. Bears need four hour time frame to sustain below the cloud which may result in a fall.
- SPX BOUNCES FROM GOLDEN RATIO
November 27, 2011
- APPLE Daily is near 200 SMA
- Indicators in daily chart is showing oversold readings.
- Price is yet to confirm a reversal. Last chart shows a falling wedge like pattern which should help bulls if price breaks and closes above the upper trend line.
- Price sustaining below 200 SMA and breaking below the weekly trend line will be negative for apple.
- SPX WEEKEND UPDATE
- Weekly chart shows possibility of the correction continuing. Daily chart is calling for a bounce from oversold status with price calling at the Golden ratio. But for any turnaround price has to confirm by giving a higher close in hourly charts At the moment price rending down below 20 Hour SMA which should help bears to extend this fall.
November 25, 2011
- ES could not move above the hourly cloud. Looks like the reversal attempt is about to fail.
- ES Four hour chart shows price testing 20 Period moving average. Bulls need price to close above this level for turning the trend.
- One hour chart shows price pausing at the Hourly cloud. Bulls need a cloud break to turn the trend in their favor. Failing to close above the cloud will be negative for bulls.
- This bounce was started from the Golden ratio in daily time frame So that level has to be held for a short term bottom to be in place.
- ES FIBONACCI LEVELS UPDATED