January 12, 2012
TARGETS FOR BREAKOUT
- Copper has give a breakout from the triangle pattern which was discussed in an earlier post.
- Price may give 3.6178 level as first target for this breakout. Sustaining above it will extend this up move in copper.
- MCX Copper chart below this post
MCX COPPER CHART
- Day closing above 415 can extend the current up move in MCX copper.
CHART-II - UPDATED
- Reaction to the news as of now looks bearish. Day closing below 50 SMA and the up trend line will favor bears.
- If the results does not give wild moves one should look at the range that has formed in the charts to go long or short.
- Upper end of the range is 2894 and lower end is 2810. It's better to take a position after the news is released so that one does not get trapped on the wrong side. For a positional trade tomorrows weekly close may give more clarity.
- Hour up trend will be safe above 50 Hour SMA.
- Important levels for SPY are 128.38 as support and 129.65 as short term resistance.
- Up trend will be safe if price remains above the dotted trend line and the hourly cloud.
- For bears price need to fall below 50 Hour SMA.
- GOOGLE FALLS TO 50 DAY SMA
- MSFT PAUSES NEAR RESISTANCE LEVEL