- Apple 30 Minutes chart shows price moving up in a bearish rising wedge pattern.
- One hour chart shows price moving up above 50 Hour SMA. So for a bigger fall price must break below the support line and 50 Hour SMA.
- For bulls of apple price sustaining above 575 - 578 zone may lead to an upper breakout.
- ES SUPPORT LEVELS
May 31, 2012
- AUDUSD Monthly chart shows price testing crucial support zone.
- Four hour chart is still trading below the cloud which will favor bearish trades.
- Daily chart too is trading below 20 Day SMA.
- A trend change or trading bounce in favor of bulls of AUDUSD may happen only if the pair starts to trade above the cloud and 20 Day SMA, till then this down trend will remain strong.
- Gold monthly chart testing 20 month SMA.
- Weekly chart is shown with a broken trend line and horizontal support near 1522 levels.
- If the above mentioned levels are taken out on closing basis then a bigger correction is possible in gold.
- Four hour chart shows price testing 100 period SMA. Which must br crossed for a bigger up move to unfold.
- Tata Motors daily chart shows price breakdown with increasing volume.
- 255 - 256 level was crucial support level. Having given a breakdown from this level it will act as resistance from now on.
- Stock may continue to move down towards the golden ratio or 50 Week SMA shown in the last chart in the coming weeks.
May 30, 2012
- Four hour chart shows price continue to create new lows below the cloud.
- Weekly chart shows possible support line in Weekly up trend line. Support for this week comes near 85 levels.
- Death cross is happening in daily chart. So for some months oversold up moves may not give bigger long trades. right now crude oil looks oversold and a trading bounce is possible from the weekly trend line.
- Possibility of a bigger fall if weekly trend line does not hold
- Silver Four hour chart shows a contracting triangle pattern which should resolve soon.
- Daily chart shows price unable to close above 20 Day SMA. Bulls need a close above 20 Day SMA for a breakout in their favor.
- For bears the Weekly support level looks strong between 26.02 - 26.75 level. This level has to be broken for bigger down moves to happen.
- SBI Daily chart is near resistance levels like upper bollinger band and Golden ratio.
- SBI Weekly candle is testing 20 Week SMA.
- Weekly chart is nearing its falling resistance line. Price has got some more to go for hitting this line.
- Last chart is crucial if a correction is to happen price should fall below 50 Day SMA otherwise a possible hit at the weekly resistance line exist before the correction.
May 29, 2012
- Trend continues to be strong in favor of EURUSD bears.
- Previous support of 1.2623 in daily chart may continue to act as resistance. Ranges in hourly charts may give breakdowns if price continue to remain below 50 period SMA or the Cloud of four hour chart.
- One hour chart shows positive divergence which may not give more than a bounce because of the strong down trend.
- SPY WEEKEND UPDATE
- Targets for the current up move can be the 200 SMA or the channel shown in second chart. For bulls price should sustain above 20 Day SMA. Daily close bwlo 20 SMA will be negative.
- For a larger up move to happen last chart is crucial. Price is trying to stay above the weekly channel resistance line. Sustaining above it could lead to bigger up moves. Another fall into the channel will favor bears.
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