February 24, 2012

  • SPX hourly close looks good for bulls.
  • But the weekly resistance level is yet to be taken out by bulls.
  • Price need to make a daily and weekly close above this level to sustain this bullishness.
  • Bears need a daily bearish candle at this level.
  • MSFT Week has to close above resistance line for the up move to continue.
  • daily chart is showing negative divergence with RSI
  • One has to wait for price to show weakness for going short. 
  • ES AT TOP BOLLINGER BAND
  • First chart shows a possible resistance line.
  • If trades above the resistance line price may target 200 SMA of EURUSD.
  • ES AT TOP BOLLINGER BAND
CHART-II
  • ES top bollinger band discussed in the below chart has given a correction. this down move may find support near the middle bollinger band.
CHART-I
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  • ES four hour at top bollinger band. This setup has given good corrections in the recent past.
  • Price is also testing the recent high's so bulls need a successful breakout for another 10 to 15 points on the up side.
  • Failure breakout may lead to a pull back towards the black lines.
  • CRUDE OIL WEEKLY CHART
  • Nifty below 50 hour SMA will face selling pressure at higher levels. Price broke below 50 Hour SMA and rallied backup only to be resisted by 50 Hour SMA again.
  • first chart shows possible support and resistance lines. Breaking the resistance line may take Nifty back towards 50 Hour SMA again. Below the support line price may fall towards 5370 levels.
  • Nifty daily charts with possible support levels.
  • 10 Day EMA at 5469
  • Previous resistance which may act as support at 5400 and 23.6% Fibonacci level near 5370.
  • CRUDE OIL WEEKLY CHART
  • SILVER WEEKLY RESISTANCE LINE
  • Next important level for crude oil is near 115 levels.
  • Small resistance will be there at 111. Crossing above 111 crude oil may target 114.83.
  • SILVER WEEKLY RESISTANCE LINE
  • Price moving towards the resistance line shown in daily chart.
  • If there is no breakout we may see a correction from the resistance line towards the support line shown in second chart.
  • SILVER WEEKLY RESISTANCE LINE

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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