January 19, 2012

DELL Triangle update

  • Dell likely to hit 16.63 before any weakness can be seen.
  • Closing above 16.63 will strengthen bulls of dell to extend this up move out of this triangle pattern

ES at Channel resistance line

CISCO Weekly chart Analysis

  • CISCO Weekly chart shows an up move with decreasing volume.
  • Price is approaching 100 Week SMA. Weekly chart is closer to the cloud top. These two levels may act as resistance. 
  • If the resistance levels mentioned does not stop the up move Cisco may target the 50% Fibonacci level.

COPPER Daily chart analysis

  • Copper is testing previous support level which is 3.8090.
  • Staying above 3.8090 level will target the golden ratio shown in the second chart.

NIFTY Futures Hour and 15 Minutes chart

  • Hour continue to move up in a channel
  • Price is near resistance line of the channel.
  • Intraday correction possible below 4991

BANK NIFTY Resistance levels

  • BANK NIFTY Week and Daily chart shows price near resistance levels. Day and week closing above these levels will give some more points for bank nifty.
  • The last chart shows that the up move will be limited. As RSI has reached the very overbought region, RSI is yet to turn down. When it starts to turn down we may see negative price action.