January 18, 2012

EURUSD Near resistance level

  • EURUSD is near its 20 day moving average.
  • This level has acted as good resistance level till now.
  • A chance of a reversal can be seen only if a daily candle closes above this level. Till then this level will act as stiff resistance.

SILVER in a Range

  • First chart is one hour time frame of silver which shows a trading range between 29.57 and 30.67. 
  • Next chart is four hour time frame of silver with 50 period SMA. Bulls of silver will be safe above this moving average and a breakout from the trading range will favor bulls for another up move.
  • For bears of silver price should break below the trading range and 50 Period SMA.

ES Trend update and Negative divergence

  • ES Four hour chart shows negative divergence with MACD indicator. Bears need price confirmation for short trades.
  • Price yet to close below 50 Period SMA and yet to test the cloud for this time frame.

INTEL Rising Wedge and Negative Divergence

  • INTEL Weekly chart shows a bearish rising wedge pattern.
  • Price and MACD shows negative divergence.
  • Daily chart is yet to close below 50 Day SMA. closing below 50 SMA and the uptrend line will give a bigger correction.
  • Average volume too is decreasing. Breakdown below the trend line withe volume breakout will favor bears in the medium term.

CRUDE OIL Support and Resistance levels

  • Crude Oil daily and Four hour charts with possible support and resistance lines.
  • Sustaining above 50 Day SMA price will target the resistance level from were the recent correction happened.
  • Bears of crude oil need price to fall below the up trend line in daily chart and 50 Day SMA

NIFTY and India VIX Analysis

  • If price stays above 50% Fib level Bulls will get an extension of this move. They need help from 5 Day High EMA as well.
  • We had 3 top's in weekly charts in the recent past and We are closing in on that same setup again. Price is yet to hit the resistance line or the channel top in weekly chart as can be seen from the 3rd chart.
  • VIX may give a bounce from the triangle support line which may lead to a correction. VIX may also give a breakdown from the triangle, which will extend the up move for bulls.
  • Look for bearish candles and close below 5 Day High EMA for weakness before getting into short trades. 
  • GOLD AT 200 SMA