December 20, 2011
- Crude oil Fib levels shows price taking support at 38.2% and is moving up towards the broken 23.6% levels which may act as resistance.
- Moving averages shows a similar picture price was not able to sustain below 200 Day SMA and is moving towards the broken 50 Day SMA which may act as resistance.
- Candlesticks shows a possible Bullish engulfing pattern.
- So short term crude oil may move up. Bigger up move once price move above 50 Day SMA and 23.6% Fib level.
- Like yesterday Price is near the resistance line and 100 Hour SMA.
- Price continue to move down from these levels creating lower high's and lower lows. Now hope for bulls till price changes this trend and give a decisive breakout above short term moving averages.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Nifty continue to break the important low formed in the hour chart. Until this trend of Hourly lows getting broken changes its not possible for bulls to change the trend.
- 4555 is the current important low in hourly chart. If this gets tested another down move is possible.
- Price continue to stay below crucial moving averages.
- 50 Hour moving average the resistance line and 4673 levels may act as resistance levels in case of an up move.
- Price is moving away from 50 Day SMA which is not good news for bulls
- Four hour chart shows price closing in on the supporting trend line of the triangle pattern.
- Fibonacci levels for daily chart shows price breaking 38.2% level. If price sustains at these levels It may move down towards 50% Fib line.
- Hour chart shown with a potential Golden ratio trade.
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