- 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.
March 7, 2012
- 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
- 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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