- SPY Daily chart is shown with the broken support line which may act as resistance.
- Hour chart shows the GAP getting filled in a possible bearish flag kind of pattern.
- Having said that if price starts to trade above the GAP and the broken support line Bulls will gain strength.
- CRUDE OIL WEEKLY FIBONACCI LEVELS
September 26, 2011
- SILVER fell below 50% Fibonacci retrace level and took support above the golden ratio(61.8%)
- Now price is back to 50% Fibonacci level price should sustain above this level for the up move to continue.
- 100 Week SMA stopped today's slide.
- 32.30 will act as resistance level if the up move continues.
- GOLD RESISTANCE LEVELS
- Gold bulls has to sustain above 100 day moving average for an up move to happen
- Price sustaining inside the channel will not help bulls of gold in the short term. For the short term bulls price has to stay above the channel.
- A better price action for a long term investor of gold would be price correction towards the channel support line and a steady up move staying within the channel.
- S&P 500 WEEKEND UPDATE
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