August 30, 2011

CRUDE OIL Moving up from Triangle

  • Triangle breakout of crude oil has gone well till now for the bulls of crude oil.
  • Price is testing the resistance level mentioned in the earlier posts.
  • Staying above 88.98 will favor bulls of crude oil. Getting resisted here may result in a correction.

SPY Trend Update

  • Price in hour chart is near resistance level and 200 Hour moving average. So it is a confluence of resistance and it will take a really strong bull to breakout above this level. Price staying above 200 Hour moving average will change the structure in favor of bulls.
  • Price continue to stay above 50 Hour moving average. Any weakness will be visible if price starts to trade below 50 Hour moving average.
  • CRUDE OIL TRIANGLE BREAKOUT

S&P 500 Futures Hour chart analysis

FOUR HOUR CHARTS
  • Bulls shall try to keep the price above 1206.75 level for continuing this up move.
  • Price is retesting the resistance line of the triangle from which it gave a breakout. If price falls into the triangle pattern that will be bad news for bulls.
  • Four hour chart also shows a bearish flag like consolidation after the big fall. Mostly these type of patterns that accours after a big down move gives a bearish breakdown.
  • S&P 500 ANALYSIS AFTER CLOSING BELL

SILVER Triangle pattern

UPDATED CHART
  • Silver triangle mentioned below has given a breakout on the upside. But the resistance of 41.74 is not taken out yet. This has to be crossed by bulls of silver to extend this up move.
CHART-I
  • Silver is still inside the range 39.98 - 41.74
  • But price has formed a small triangle pattern within this range.
  • Triangle breakout along with range breakout may give good direction.

Nifty intraday Update

CHART-I
  • Nifty four hour chart is finding resistance at 50 Hour moving average.
  • 5 Minutes chart shows the range.
  • Price sustaining above 5000 will make the bulls stronger.
  • Weakness only if price stays below 4927

NIFTY Four Hour chart Analysis

  • Nifty Four hour chart with ichimoku cloud shows price staying above the cloud which favor bulls.
  • Price also need to move above 50 Period moving average in this time frame which will strengthen this up move.
  • Price staying below 50 Period moving average will be negative.

NIFTY Daily Analysis

  • NIFTY has given a good relief rally for bulls.
  • But one of the biggest gaining days has given an average volume candle. 
  • Price has to close above 5 day high ema for follow up strength which may then target 20 day moving average.
  • MACD lines are converging so nifty bulls may get some more points out of nifty if it manage to give a buy signal.
  • We saw Positive divergence developing on friday which lead to this bounce: NIFTY POSITIVE DIVERGENCE
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • GOLD RESISTANCE LEVELS
  • CRUDE OIL TRIANGLE BREAKOUT

S&P 500 Analysis after closing bell

  • S&P 500 Closed above its 20 day moving average.
  • Price gave a breakout from the triangle pattern. But price has to sustain above 1208 levels for the triangle to give good profits for Bulls.
  • S&P 500 Fib levels shows price closing above 38.2% Fib level. If this level is protected then SPX may move towards its 50 Day Moving Average and 61.8% Fib level. Which is approximately near 1250 levels.
  • GOLD RESISTANCE LEVELS

GOLD Chart Analysis

  • GOLD reversal could not sustain above 200 Hour moving average.
  • Four hour chart shows resistance at 1814 to 1828 levels.
  • CRUDE OIL TRIANGLE BREAKOUT
  • SILVER RESISTANCE LEVEL
  • MSFT BUY SIGNAL