February 8, 2012

ES Trend update

  • First hit at the trend line shown below gave an up move. Price hitting the trend line again.

  • Above mentioned levels may prevent a bigger fall for now. Bears need hours to close below these levels.

EURUSD Support and Resistance levels

  • EURUSD at 100 SMA and above 38.2% Fib level.
  • Daily closing above 100 SMA will give momentum for the Inverted Head and Shoulders pattern.
  • Falling below 38.2% may trigger a sell.

SPY Week and Daily chart analysis

  • SPY Week on closing basis shows resistance level between 134 and 136.
  • week closing above 136.4 will keep the bullishness alive. Staying below 134 will keep bears interested. 
  • Daily chart shows negative divergence But price need to close below 10 day EMA for triggering a bigger correction.
  • SILVER at 200 SMA


  • Silver daily chart near 200 SMA.
  • For the up move to continue daily candle should close above 200 SMA.
  • Bearish Daily candle at 200 SMA will result in a correction. Staying below the horizontal support line at 32.94 may give a bigger fall in silver.

CRUDE OIL Channel update

  • Crude Oil moving up towards channel resistance line.
  • Price is also moving away from 50 Day sma.
  • Up move will sustain on closing above the channel resistance line.
  • Getting resisted at channel resistance will take crude oil back below 50 Day SMA again.

NIFTY Futures intraday update

  • False spike above the range. NF Falls back into the range
  • NF is in a range between 5332 - 5414
  • 2nd chart shows price contraction in an ascending triangle like pattern. Breaking support or resistance line of this pattern may give good direction for NF.

SBI Resistance levels

  • SBI pausing near 50 Week SMA. 
  • This is also the Golden ratio level for the fall from 2529 - 1571.
  • So for bulls to continue this up move a week need to close at its high. A bearish weekly candle might result in a pull back.
  • MACD histograms in daily has started to diverge. But price yet to confirm weakness, It need to close below 10 Day EMA for an extended correction to happen.

CNX IT Negative price action

  • CNX - IT is showing negative price action at the top of the range. One good thing for bulls is that its happening closer to and above 200 SMA. So any correction may be limited to this important level.
  • 2nd chart shows an overbought RSI turning down. Price closing below 10 Day EMA will extend this correction towards 200 SMA.