September 20, 2011

SINA Weekly Triangle update

  • SINA CHART-I Was posted on 14th of this month. has given good gains for bears of this stock.
  • Price is moving towards the support line of the triangle pattern.
  • This fall should take SINA below 90 levels in the coming weeks.

SLV in a falling wedge

  • Hour of SLV in a falling wedge pattern.
  • A bullish reversal pattern for it to work price should break and sustain above 39.84 levels.
  • Falling below the support line will favor bears of SLV.

QQQ Hits Resistance Line

  • QQQ Hits resistance line. Shown in four hour chart.
  • Stochastic indicator is showing overbought readings.
  • Price breaking below the dotted line may give an extended correction for bears.
  • Price closing and sustaining above the resistance line will negate the bearishness, in that case this indicator will stay overbought and price will continue to move up.

GOLD Support and Resistance levels

  • 50 DAY SMA is acting as support on closing basis. Daily candles are managing to close above this level for now.
  • Important high and low in four hour chart is 1827 and 1762. Violating these levels on closing basis may give good direction for GOLD.

RELIANCE Futures Hourly triangle pattern

  • RIL Futures having crossed 849 is moving towards next resistance level at 858.
  • Resistance levels at 849  and 858.
  • Reliance futures in a consolidation pattern.
  • Price may give good move once this pattern gets resolved.
  • Triangles are known for whipsaws. Good volume increase during breakout may give a bigger move.

Diamond of Nifty futures

  • Nifty has to close above the resistance line of the diamond pattern for continuing this up move.
  • Next resistance level for bulls to cross is 5174
  • Price moving towards the resistance line of the diamond pattern.
  • if hour sustains above 5070 level price may hit the upper resistance line.
  • We may see bigger movements once this pattern gets resolved.

SBI Chart Analysis

  • Weekly chart shows bullish candlestick and Positive divergence.
  • But Daily chart is still under pressure from Channel and 20 Day Moving average.
  • So if somebody wants to buy a call option of SBI he should see that price closes the day above 20 DAY SMA for bigger gains.
  • Weekly bullishness may not help a day trader. So this thing may move up only if daily technicals turn bullish.
  • If channel and 20 SMA is not broken soon then we may see another sell off.

ES Hour chart analysis

  • ES not able to close above 50 hour moving average.
  • For bulls price should sustain above this level for an up move to happen
  • For bears staying below this level will attract selling soon.

US Oil Breakdown

  • USO has given a breakdown.
  • Price closed below the trend line, If it sustains at these levels and move below 32.89 we may see good correction in USO.