- Silver has violated its 200 SMA.
- Silver bulls now need a close below 200 SMA for bearishness to sustain. Next important support is near 32.50 - 32.90 level.
- GOLD CHART ANALYSIS
February 29, 2012
INDIA VIX - WEEKLY CHART
- Nifty daily is giving an oversold bounce which may gains strength on closing above 20 day and 10 Day EMA. Daily stochastic is reaching oversold levels which may also given an up move if it starts to move up. Daily MACD remains in a sell signal. Weekly stochastic has given a sell signal But indicator is still above the overbought line which needs to come down for a possible fall in nifty.
- VIX has given a breakout but its missing upward momentum. If it falls back into the pattern it will help nifty bulls for a larger pullback.
- US DOLLAR NEAR SUPPORT LEVELS
- First chart is US Dollar Weekly chart which is near a possible trend line support. Price should hit this line in one or two weeks time.
- Daily is also moving down in a possible falling wedge pattern. I am expecting a failed wedge here - price breaking below the support line and taking support near 200 SMA for completing a reversal. If the wedge works in a conventional way that may also lead to a reversal in US Dollar.
- IWM IN A RANGE
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