- Price is not showing any weakness in both short time frames like 15 Minutes or in Four hour chart.
- Bears shall hope that 200 period moving average stop this move. If it does not stop there then price may move towards the resistance line shown in last chart.
- SILVER @ 50 SMA
September 7, 2011
- SILVER is testing its 50 Day Simple Moving Average.
- Recent attempts to close below 50 SMA has not been successful.
- There is a trend line support too below 50 SMA as shown in the second chart.
- So a big breakdown may happen only if price falls below the supporting trend line shown in second chart.
- BEARISH ENGULFING OF GOLD
- As discussed in the below chart price made it to the resistance line. Now for this up move to continue it should stay above the resistance line of the broadening pattern.
- Nifty Futures will favor bears only if it falls below 5070 levels.
- Nifty hour chart moving in channels and moving inside a bigger pattern.
- Price is moving towards the resistance line of a broadening pattern. It is also an Inverted HNS pattern.
- Hour with MACD is starting to diverge But price may go up some more before it take effect.
- Price action is favoring bulls for the short term.
- If price stays above 38.2% (5110) Fib level then 5 Week High EMA will be the first target.
- Price sustaining above 20 DMA will help bulls to extend gains.
- The Unfilled GAP near 5230 levels and 50% Fib level may act as resistance if nifty gets there.
- Bears need to hope for a break below 5 day Low EMA and a daily close below 23.6% Fib level.
- US DOLLAR VIOLATING RESISTANCE LINE
- S&P 500 EOD ANALYSIS
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