January 20, 2012

CHART-III
CHART-II
CHART-I
  • Microsoft about to hit the second resistance line at 29.44.
  • There was a pull back at 28.13 after the triangle breakout, But last week's closing was in favor of bulls which made this up move possible.
  • For bears of MSFT hope only at 29.44 were price may give a pullback.

  • IBM is getting support near 200 SMA.
  • Price if closes above 20 Day SMA should favor bulls for the coming weeks.
  • Weekly chart is staying below Middle bollinger band for now. Today's weekly close should give good direction for the coming weeks.
  • Long term up trend looks safe above the weekly cloud.
  • ES CHANNEL UPDATE


  • ES sustaining near channel resistance.
  • Price yet to violate channel resistance.
  • Breaking today's low may trigger a correction towards 50 Day SMA.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • Copper getting resisted at a previous support level.
  • Daily candle closing below this level will favor a bearish trade.
  • Price is testing 50% Fib level, Bears of copper need price to sustain below this level.
  • S&P 500 ANALYSIS AFTER CLOSING BELL

  • CRUDE Oil Testing 50 Day SMA and the up trend line.
  • Daily candle closing below these levels may result in good correction for crude oil.
  • If price gets support here then Crude oil may move above 102 levels.
  • Price contraction shown in four hour chart too can give good direction once it is resolved.

  • SBI Daily chart shows an up move with low volume.
  • Weekly charts are approaching resistance levels. 
  • From 38.2% Fib level towards 1960. If price breakout and close above this level with good volumes then this up move will continue. Any bearish action near this level with high volume will lead to a reversal.
  • One thing that's favoring bulls is the price action, Till now price is not showing any weakness.
  • NIFTY AND INDIA VIX UPDATE

  • VIX has given a triangle breakdown. If it sustains we may see further up moves in nifty.
  • Price is approaching golden ratio for the fall from 5399 - 4531 which is an important level for bears.
  • Last swing high which was 5099 and Golden ratio should be the level to watch out for possible weakness in price.
  • S&P 500 NEAR RESISTANCE LINE
  • US DOLLAR ANALYSIS

  • Resistance line shown in Month chart is about 10 - 15 points away from the resistance line and daily chart is almost there.
  • The up move continues with negative divergence. Price yet to show any weakness though. May be when price hits the resistance lines in daily or the month charts shown there will be a reaction for the negative divergences that's happening.
  • US DOLLAR FALLING TO THE TREND LINE

  • U.S Dollar is falling towards its up trend line in daily chart.
  • If the horizontal support level 80.430 and the up trend line is held we may see some strength for U.S Dollar.
  • Sustaining below the horizontal support line may lead to 50 Day SMA for US Dollar.


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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore