- ES Hits weekly resistance line
- Short term trend will favor bears once price starts to trade below 50 period SMA in four hour time frame. Failure to break below this moving average will not give big moves in favor of bears.
- GOLD AT 200 SMA
January 17, 2012
- Gold testing its 200 SMA.
- Price is also approaching a resistance line.
- If gold manage to breakout above 200 SMA price need to sustain above the resistance line too for a sustained up move to happen.
- Price is more likely to correct from the resistance line.
- DOW JONES WEEKEND UPDATE
- SPY WEEKEND UPDATE
- Nifty has closed above 50 Day SMA.
- Some resistance levels are mentioned in the form of golden ratio, 100 SMA and a resistance line. But if last week's high is taken out we may see a spike above middle bollinger bands of weekly chart as it has happened in the recent the past, see the highlighted areas of last chart.
- TCS CHARTS BEFORE QUARTERLY RESULTS
- TCS is trading below its trend line in daily chart.
- Price is showing a GAP between 1115 - 1133.
- daily chart is showing a bullish engulfing pattern.
- Volume analysis shows bigger volume for the sell candle then the bullish engulfing pattern.
- TCS will show weakness on closing below 1050 as shown in weekly chart.
- There is an island reversal opportunity in daily chart. Price need to trade above 1133 with good volumes for a sustained up move to happen.
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