- Daily time frame shows cisco getting resisted exactly at the 200 DMA.
- An effort to close the previous gap was on but 50% Fib level and 200 dma could not be crossed.
- Weekly chart shows a bearish flag kind of breakdown. So if the lows are broken on closing basis we may see much more downside for cisco in the coming weeks.
- Weekly close below 19 will strengthen the bears more. We may see 17 levels if 19 is not protected by bulls on closing basis.
- RUSSELL 2000 RESISTANCE LEVEL
February 10, 2011
- Russell 2000 hour chart with resistance level.
- 813 level is acting as resistance.
- Price is trading near that level again getting resisted here will give a correction.
- So far price has shown good upward momentum. If Price breaks out and sustains above 813 levels it may target 820.
- Getting resisted at 813 will favor bears.
- GLD CHART ANALYSIS
- ES Hour chart with support level and Fibonacci levels.
- Price has taken support at 1310 shown in one hour time frame.
- 1310 is also near the 38.2% Fib level of the rise from 1291.50 level to the recent high.
- Getting support here can take price to 1313 and 1315 levels.
- Breaking 1310 will target 1307 and 1304 levels.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- The descending channel of bank nifty shows how perfect the down trend is.
- Price broke another important support at 10470 this week.
- Candlestick pattern shows a possible reversal in coming days, But this needs confirmation a lower opening followed by a lower close will spoil the hopes of bulls. While a high opening can keep the hopes alive.
- Any up move from here will find resistance at 10470 level. So a bigger up move will unfold only when this level is taken out.
- RCOM DESCENDING TRIANGLE
- SPX is trading in a range of 10 points from 1314 - 1324
- Price is trading close to the resistance line in weekly chart as shown in second chart. So breakout from current levels may not give bigger gains.
- Price is trading with negative divergence that is yet to give a major correction for quite some time now. So price confirmation by breaking the trend line will give a good short trade in the coming day's.
- IMPORTANT RESISTANCE LEVEL FOR DOW
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