November 29, 2011

APPLE Chart Analysis

  • Apple staying above 200 SMA will favor bulls of apple.
  • If price stays above the resistance line drawn in 2nd chart MACD indicator will give a buy signal soon which can take stock towards its 50 Day SMA.
  • So longs are safe above 200 SMA.

S&P 500 Futures Analysis

  • ES Four hour chart has broken above 50 period SMA.
  • Next level to watch out are 61.8% Fib level and the 200 Period SMA of four hour time frame.

Nifty intraday Update

  • For bears price should break below the 50 Hour moving average and the trend line in hourly chart.

GOLD Analysis

  • Gold daily is consolidating in  a triangle pattern. Right now price is doing a corrective up move towards the resistance line of the triangle pattern. Clear up or down move will emerge only once price gets out of this triangle pattern. 
  • see MCX Gold chart below this post.

NIFTY Analysis

  • If the recent low is not broken we might see this up move extending towards the resistance line of the channel. That is how price has behaved in this channel so far, so the cycle may get repeated again. But a word of caution for bulls is that price has not hit the channel bottom yet.
  • If it is going to be a corrective up move dips will be opportunities to buy as long as price does not retrace too much. Price Closing above 5 Day High EMA and Week Low EMA will help bulls.
  • S&P 500 EOD UPDATE

S&P 500 Analysis after closing bell

  • Daily chart shows price taking support at the golden ratio.
  • 50 SMA and the broken support levels may act as resistance levels. Closing above 50 Day SMA will strengthen bulls.
  • Hour chart shows a possible IHNS pattern getting formed with neck line at 1198.50. Breakout can take SPX towards 1215-1220 resistance band.