September 27, 2011

  • Weekly chart of silver with possible resistance levels.
  • 50 Week moving average which was broken may act as resistance.
  • 33.90 is an important support in weekly chart which was broken this may also act as resistance.
  • So for bulls of silver has to sustain above these levels to continue this pull back.
  • GOLD RESISTANCE LEVELS
  • First chart is gold daily time frame with 100 day SMA. Price should close and sustain above it for the reversal to continue.
  • Second chart is the weekly time frame with the channel. Price is hitting the channel top line. Price should stay above this channel if it is to make another big up move.
  • For bulls the daily candle with long shadow should act as a long term support level. Corrections into the Shadow of this candle may get buying support.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • SBI is approaching resistance line again.
  • Last hit at the resistance line gave a nice short trade.
  • We shall wait for negative candles near the resistance line for going short.
  • One should also keep in mind the bullish possibility too as daily time frame is trading above 20 day moving average Hence breakout can be used to go long.
  • Nifty was resisted at day low EMA yesterday.
  • Today Nifty may get a GAP up because of the world markets. Day low ema and 38.2% Fib level may get tested.
  • Bullish strength can be confirmed only on closing above these levels.
  • Getting corrected and closing below Day Low EMA again will favor bears.
  • If bulls are able to sustain above 1164 they may be able to target 20 day moving average and 38.2% Fibonacci level.
  • Immediate resistance is the 50 Hour moving average then in daily time frame a falling 50 day moving average will be tough to cross. Ichimoku cloud too looks strong in daily time frame.
  • SILVER BOUNCED FROM 100 WEEK SMA
  • USO Hits and reverses from the support level.
  • Next big fall will happen only when price breaks below 30.23 level.
  • If the current up move continues price will try to fill the GAP above 31.83.

Disclaimer

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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore