- Silver has violated its 200 SMA.
- Silver bulls now need a close below 200 SMA for bearishness to sustain. Next important support is near 32.50 - 32.90 level.
- GOLD CHART ANALYSIS
February 29, 2012
INDIA VIX - WEEKLY CHART
- Nifty daily is giving an oversold bounce which may gains strength on closing above 20 day and 10 Day EMA. Daily stochastic is reaching oversold levels which may also given an up move if it starts to move up. Daily MACD remains in a sell signal. Weekly stochastic has given a sell signal But indicator is still above the overbought line which needs to come down for a possible fall in nifty.
- VIX has given a breakout but its missing upward momentum. If it falls back into the pattern it will help nifty bulls for a larger pullback.
- US DOLLAR NEAR SUPPORT LEVELS
- First chart is US Dollar Weekly chart which is near a possible trend line support. Price should hit this line in one or two weeks time.
- Daily is also moving down in a possible falling wedge pattern. I am expecting a failed wedge here - price breaking below the support line and taking support near 200 SMA for completing a reversal. If the wedge works in a conventional way that may also lead to a reversal in US Dollar.
- IWM IN A RANGE
February 28, 2012
- SPX Hour with possible resistance line.
- for the current up move price should hit the resistance line near 1377 - 78 levels.
- for a correction price has to break below the dotted line as shown in the chart.
- Price is staying above the monthly resistance level so the chance of the resistance line getting broken in favor of bulls is there.
- Nifty bulls has to trade above 20 SMA which is at 5397, Unable to sustain above this level may give selling opportunity for bears again. 38.2% Fib level too is around 5400 level as shown in hourly charts. So a bigger up move possible if nifty trades above these two levels.
- Failing to cross these levels will give a selling opportunity.
- Crude oil in four hour time frame is getting support from cloud and 100 period SMA. Above these two levels the up trend will be intact.
- daily staying above 10 Day EMA will not give bigger corrections. Price falling below 10 Day EMA may give a correction. If the fall is limited price will give a breakout above the recent high's and move above 111 levels.
February 27, 2012
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