February 13, 2012

  • 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
  • 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
CHART-II
  • Resistance line of crude oil has been violated. Next resistance at 101.27 levels.
CHART-I
  • 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
  • Price staying above 23.6% and 10 Day EMA will favor bulls.
  • Intraday will favor bears below 2100 - 2115 levels.
  • NIFTY WEEKLY ANALYSIS
  • Weekly Doji will be effective for bears below 5322 levels. Pullbacks may not be big as we are above 200 SMA. Price is also getting resisted at 50% Fib level so for bulls price need to close above 50% fib level for extending this up move. 
  • MCX COPPER CHART ANALYSIS
  • 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

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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