- Silver Hour is sustaining below 50 Hour SMA which will favor bears of silver.
- Immediate resistance level is between 33.90 - 34.00 level in hour chart.
- For bulls of silver price has to breakout above the resistance and close above 50 Hour SMA.
- MCX ALLUMINUM CHART
November 1, 2011
- ES has broken below 50 Period SMA of four hour time frame. It was this setup that has saved bulls for the last 3 times. But this time its looking bad for bulls.
- 2nd chart shows price below the trend line and horizontal support line. Price is moving towards the next support line which may act as support.
- Price is getting resisted near 900 Levels, This Level was a support which was broken and now acting as strong resistance.
- MACD is showing negative divergence.
- Up move was stopped exactly at the month high EMA as shown in the last chart. Now it would take many strong bulls to give a breakout and close above 900 levels. Last month closed below Month high EMA, If the current month too sustains below it then we will see selling. Day closing below 865 may lead to 830 Levels.
- USDINR CHART UPDATED
- SPY is moving towards its 50 Hour moving average and the Ichimoku cloud for the same time frame.
- Price has to make a convincing close below 50 Hour SMA and sustain below the cloud to turn the trend.
- If the correction is limited to the cloud we will see an up move.
- CSCO NEAR WEEKLY RESISTANCE LINE
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