- SPX Hour with possible resistance line.
- for the current up move price should hit the resistance line near 1377 - 78 levels.
- for a correction price has to break below the dotted line as shown in the chart.
- Price is staying above the monthly resistance level so the chance of the resistance line getting broken in favor of bulls is there.
February 28, 2012
- Nifty bulls has to trade above 20 SMA which is at 5397, Unable to sustain above this level may give selling opportunity for bears again. 38.2% Fib level too is around 5400 level as shown in hourly charts. So a bigger up move possible if nifty trades above these two levels.
- Failing to cross these levels will give a selling opportunity.
- Crude oil in four hour time frame is getting support from cloud and 100 period SMA. Above these two levels the up trend will be intact.
- daily staying above 10 Day EMA will not give bigger corrections. Price falling below 10 Day EMA may give a correction. If the fall is limited price will give a breakout above the recent high's and move above 111 levels.
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