January 18, 2012
- 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.
- INTEL RISING WEDGE
- 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.
- 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
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