November 2, 2011
- Gold hits the channel top as discussed in the below chart. Price may correct further if the small channel shown in red color gets broken. Bigger up move is possible once the resistance line of the bigger channel gets broken.
- Gold Moving up towards the resistance line.
- This up move may extend till 1760 - 1770 levels.
- Stochastic is approaching overbought levels. Short trades can be taken at the resistance line if price shows weakness.
- MCX ALUMINUM CHART
- ES Bounce is not able to cross 38.2% Fib level. For bulls price has to stay above 38.2% for a possible up move to happen.
- 2nd chart shows price below the 50 Period SMA of four hour time frame. In case of an up move this level will act as resistance.
- ES FALLING SUPPORT LINE
- Daily line chart shows price retracing towards the breakout level.
- If price does not close below 5140 - 5160 during this correction we may see an up move happening.
- If price starts to move up then weekly chart shows important resistance at 5370 levels. Weekly chart has shown this level acting as support many times so this might act as resistance. So bulls need to break above this level on closing basis for a bigger move to happen.
- S&P 500 ANALYSIS AFTER CLOSING BELL