- Ist chart is the Hour chart of SPX Which shows Price violating An ascending channel which is negative for bulls. Now price is moving in a range from 1325 - 1340. Break from this range will show the next direction.
- Price has broken below 50 Hour moving average which is good news for the bears in the short term. If The pull back gets resisted at 50 Hour moving average we may see another correction.
- Price in daily time frame is still above 50 day moving average which is the crucial level for Bulls. Bigger correction can be seen only if 50 DMA gets Broken.
- Crude Oil Ascending Triangle Updated: CLICK HERE
April 9, 2011
- Crude Oil's Ascending Triangle is giving big gains for the bulls.
- Price has made a positive closing. Momentum looks strong in favor of bulls.
- Next Resistance on chart is between $116 - $117 above which Crude can give another big move in favor of bulls.
- Ascending Triangle of Crude was shown in a previous post.CLICK HERE TO SEE IT
All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.