- Copper falling towards support line of four hour time frame.
- This time frame also has 100 period SMA which may act as support
- Larger correction possible only if the moving average and Channel support line breaks.
- MCX COPPER CHART ANALYSIS
February 13, 2012
- ES four hour chart shows price correction from resistance line.
- Price may target 20 Period SMA initially if the fall does not stop there it may target the support line shown in first chart.
- Breaking above the resistance level may target 1360 levels.
- SILVER DESCENDING TRIANGLE
- Silver weekly chart is showing a range near the resistance line of a descending triangle pattern shown in first chart. Range breakout will find resistance near the resistance line or 50 Week SMA. So an upper breakout may not give a great trade. A short trade may be coming preferably from the 50 Week SMA if price gets there.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Resistance line of crude oil has been violated. Next resistance at 101.27 levels.
- Crude oil at channel resistance.
- Last hit at this channel resulted in a fall from 99 to 96 levels.
- A similar move to 96 levels can be seen from the current levels.
- Channel breakout cannot be ruled out which may take Crude oil to 101 levels.
- MCX CRUDE OIL RISING SUPPORT LEVELS
- Bank nifty has given a clean breakout from the channel. But the indicators in week has reached overbought levels which may lead to a correction. Daily chart is also showing negative divergence But bears need price to break below last week's candle low or 10 Day EMA on closing basis for a decent pull back to happen.
- S&P 500 WEEKEND UPDATE
- NIFTY WEEKLY ANALYSIS