October 19, 2011

  • Crude oil daily chart with resistance levels.
  • Price has broken above the resistance line from 114 through 100 levels.
  • Now the immediate resistance levels are 89.60 and 90.51. Daily candles closing above these levels may give an up move for crude oil.
  • Getting resisted here will be negative for Crude Oil.
  • ES Hour chart is trading in a broad range.
  • Price is near the top of the range.
  • If the breakout does not come we may see a pull back towards 50 Period SMA or the cloud of Four hour time frame.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • Nifty is nearing the top of the range.
  • Price is trading above 20 and 50 SMA in daily time frame which will favor bulls.
  • Now for the current up move to continue 5169 has to be crossed on closing basis. Otherwise we may see correction from these levels.
  • Reliance has stopped falling at 20 SMA.
  • But daily chart indicators are suggesting some more downside.
  • Bulls need not worry as long as 20 and 50 SMA give support.
  • 20 SMA @ 810
  • 50 SMA @ 796
  • Support line drawn in 2nd chart too is important for bulls to hold on.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • Month of SPX is trying to stay above 20 month SMA. Bulls will be comfortable to stay above 1200.
  • Weekly candle is fighting with the resistance level 1219 - 1230. Closing above this level may take SPX towards 1250 level.
  • Today's Move was resisted  at 100 DAY SMA.
  • It was also the top of Ichimoku cloud. So this area will act as a confluence of resistance. Closing above this level will add strength for this up move.  

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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."
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