January 3, 2012

SILVER Support and Resistance levels

  • Silver is bouncing from the recent low 26.02. Bigger correction only if price trades below this level.
  • For a bigger up move to happen price has to sustain above 100 week SMA and the dotted resistance line.

CRUDE OIL Weekly Resistance levels

  • Crude Oil Weekly chart is moving towards a resistance band of 104 - 105.
  • If price hits 105 level it will be an opportunity to sell. Risk reward ration will favor bears of crude oil near the weekly resistance level.

NIFTY Resistance levels

  • One hour chart shows 200 Hour sma at 4785
  • Resistance in Four hour chart is at 4800 then the falling trend line which might act as resistance.

NIFTY Analysis

  • Nifty daily chart shows a possible falling wedge pattern which can give good direction. 
  • Price has closed above 5 Day Low EMA. Price is moving up from 78.6% Fib level and if yesterday's Day low is held we may see an up move happening. Staying above the channel in hour chart will also help bulls.

CNX IT Hits Resistance line

  • CNX - IT Futures has given a breakout from the contracting triangle.
  • Now price is moving towards the resistance line or Previous Top which was 6451. Price has to sustain above this level for the breakout to sustain.
  • CNX IT Daily chart testing the resistance line.
  • Price has also closed near 200 Day SMA.
  • Price is in a contracting triangle which should be resolved soon.
  • 50 Day SMA is rising towards 200 SMA. If it fails to cross over we might see bigger falls. Bulls too have equal chance for a good breakout. Closing values may confirm the direction of the breakout.

EURUSD Trend update

  • Trend in weekly, Daily and Hour charts are clearly down.
  • Price is moving down in a channel. 
  • It has broken below the golden ratio as shown in weekly chart. 1.2850 - 1.2870 level is an important zone from were a decent bounce might happen as marked in the chart. Breaking below this level can take EURUSD Towards 78.6% Fib level.