March 7, 2012

  • Price testing 200 Hour SMA which was broken yesterday. This level may act as resistance. Hours need to sustain above this level for a bigger pullback to happen.
  • Fibonacci levels shown in hour chart which may act as resistance. 38.2% Fib level which is around 1354 - 1355 level is crucial for bulls to capture again.
  • Up trend will resume only if price breaks above the hourly cloud again.
  • ES Daily finding support at Lower Bollinger Band.
  • If the fall continues 50 SMA may act as support.
  • Hourly Ichimoku cloud may act as immediate resistance level
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • Gold daily chart will face selling pressure as long as price stays below 200 SMA.
  • Immediate resistance in hour chart is the Ichimoku cloud. A sustained up move will be possible only on a cloud break.
  • Hour chart also shows a bearish flag pattern. If the support line breaks we may see new lows in hour time frame.
  • SILVER TREND UPDATE
  • Silver daily seeking support at daily cloud.
  • Silver hourly cloud and 50 Hour SMA will be the first resistance levels for Silver bulls to cross for a decent up move to happen.
  • S&P 500 ANALYSIS AFTER CLOSING BELL

  • Week o nifty has fallen below 50 SMA. Closing at these levels may strengthen bears.
  • Weekly stochastic is showing a sell signal. 
  • Previous support resistance level between 5170 -5200. Weekly closes below this level will add to the bearishness. 
  • Last chart shows the fibonacci levels with the weekly channel resistance line which may act as support now.
  • S&P 500 EOD UPDATE
  • USDINR UPDATE

  • One hour chart has turned completely in favor of bears.Four hour chart shows price falling into the Ichimoku cloud. Once price closes the cloud the current trend will turn.
  • Daily time frame shows price closing below 20 SMA and if the momentum sustains price may test 50 SMA soon. Weekly chart looks bearish But need a close at the current or lower levels to confirm the bearishness.
  • DIAMOND PATTERN OF COPPER

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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