October 26, 2011

ES Trend Update

  • ES Four hour chart with 50 period Moving average.
  • Price has given a pull back from this moving average twice during this up move.
  • Price is testing the moving average again. Higher low Higher High structure is not yet violated. Breaking the last swing low will change things in favor of bears. 
  • GOLD NEAR 50 DAY SMA

NIFTY Analysis

  • Nifty weekly candle is testing its 20 week moving average or the Middle Bollinger band. A convincing close above this level can extend this up move. On the contrary if the weekly candle closes below 20 Week SMA we may see some bearishness. 
  • Daily chart too has resistances in the form of 100 SMA and the GAP. GAP closes at 5323.
  • GOLD DAILY CHART ANALYSIS

GOLD Near 50 Day SMA

  • Gold having given a breakout above 20 SMA is moving towards its 50 Day Simple Moving Average.
  • Day closing above 50 SMA will add strength for the current up move.
  • Getting resisted here and giving bearish daily candles may result in a correction.