Stock Market Chart Analysis: 02/29/12

February 29, 2012

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

Gold falls to its support level at 1704 and 200 SMA.
Momentum looks good for bears of Gold But price has to close below 200 SMA for this correction to extend.
Gold bulls need price to get support at 1704 and 200 SMA for an up move to happen.

Crude oil support at 50 period SMA and Ichimoku cloud.
Holding above 50 SMA a channel breakout in favor of bulls is possible.
Crude oil will be weak below 50 Period SMA of four hour chart. Trend will reverse only on braking below the cloud.
US DOLLAR NEAR SUPPORT LEVELS

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

IWM four hour chart with a range between 81 - 83.30. Price closing outside this range should give good direction.
Price is near 50 Period sma which may trigger a reaction soon