April 20, 2011

ES 15 Minutes chart

  • ES 15Minutes chart with 50 period Moving average.
  • Price is moving in a range of 1324 - 1329 after the up move.
  • Price is approaching 50 period moving average. We may see an up move from this level. For the trend to continue 1329 has to be taken out by bulls.
  • Sustaining below 50 period moving average or 1323 will favor bears for a correction.
  • GOLD CROSSES $1500/oz

GOLD Crosses $1500

  • Gold has crossed $1500/oz
  • This move may not stop with 1500. 
  • Seeing the range of the pattern from which Gold has given the breakout one can expect higher target for Gold.
  • After a small retrace price may target $1550 and above.

SPY Breaks the channel

  • SPY Hour has given a breakout from the channel.
  • But price has left a big gap in hour chart. We may see a partial filling of the GAP before price runs up again.
  • Bulls will be in trouble only if price falls back into the channel which is not likely to happen.

ES Near Resistance line

  • ES Daily chart is moving away from 50 day moving average. Last two candles are showing bullish momentum. But price is approaching resistance line of a triangle. It also looks like the neckline of an inverted head and shoulders.
  • 1336 and 1342 levels are resistances in daily time frame. Price has to sustain above these levels for the bullish momentum to sustain.

NIFTY Intraday Update

  • Nifty 5 Minutes chart with the Morning GAP and today's range.
  • Sustaining above 5806 will favor intraday Bulls.
  • Below 5782 the GAP will start to fade.

Nifty Daily Analysis

  • Nifty managed to close above 200 day moving average. Current correction is yet to close below 200 day moving average.
  • Price in weekly chart is staying above 20 week moving average. If sustains above this level we may see a rally. Falling below it will favor bears.
  • Important support zone for now is between 5654 - 5696

S&P 500 Analysis after closing bell

  • Price closed near the high of the day and near 50 day moving average.
  • Hour chart too closed at the 50 Hour moving average. This moving average has acted as Resistance in the past.
  • For bulls to change the trend in hour chart, Price should close and sustain above the Channel formation.
  • AAPL Breaks the channel