- Crude oil 30 Minutes chart is showing a triangle shaped consolidation pattern.
- Break of support Line can trigger a correction in crude oil.
- Next up move will be possible only if price sustains above 106 levels. If price sustains above 106 we may see 113 levels for Crude Oil.
- FALLING WEDGE OF US DOLLAR
March 8, 2011
- ES Four hour chart shows price approaching an important support line.
- If gets support around here we may see a rally in favor of bulls later in the day.
- Hour chart shows price getting support at 78.6% Fib level during last fall. This area will be important for bulls and bears today. If it fails to hold bears may succeed in push price towards 1296 level. If Price sustains above this level we may see an up move again.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- On closing basis the number bulls should try to achieve is 5540 and we will get 5600++ above it.
- But for now we should see if 20 day moving average holds. If it gets broken Bears will be stronger. Daily chart has given a hammer pattern on 20 dma which is giving hope for bulls.
- Daily line chart is also showing a "U" turn by price favoring bears.
- So Price is giving mixed signals with negative bias. Lets wait and see if 20 dma gets broken or Bulls able to close above 5540 for further direction.
- S&P 500 EOD ANALYSIS
- The trend line in daily chart drawn by connecting 1040 and 1174 is being tested. If price closes the week below the trend line we may see the trend changing in favor of the bears.
- Price closed below 20 day moving average again and is moving towards 50 day moving average.
- Hour chart is also looking negative, 200 hour moving average is broken again. Bears will be in control if previous low of 1294 gets broken.
- THE GOLDEN CHANNEL
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