March 16, 2012

COPPER DAILY CHART
COPPER ONE HOUR CHART
  • Copper daily chart shows correction from the resistance line.
  • One hour chart shows a support line. If this line is held we may see copper moving up again to test the resistance line again.
  • If this line does not hold price may fall towards 3.8120 levels.

  • Yahoo moving up from weekly channel support line.
  • Daily is near 50 Day SMA. Closing above this level should extend this up move towards the channel top.
  • ES continue to trade above 50 Hour SMA and Hourly ichimoku cloud
  • Correction will happen only if hourly candle closes below 50 Hour SMA
  • BANK OF AMERICA GOLDEN CROSS
  • Ichimoku cloud of daily time frame is acting as support.
  • Pair is moving up from the cloud But a bigger up move will happen only if daily candle closes above 20 day SMA.
  • If it is a strong down trend price will not trade above 20 Day SMA. 
  • BANK OF AMERICA GOLDEN CROSS
FOUR HOUR CHART
DAILY CHART
ONE HOUR CHART
  • Silver daily chart is finding support at 50% Fib level
  • 20 period SMA of four hour chart is acting as resistance as shown in first chart.
  • An up move is possible if price trades above the 20 period moving average of four hour time frame.
  • One hour chart shows price contraction which may lead to a bigger move.
  • Bears will be stronger below 5362
  • close above 5499 will favor bulls.
  • Nifty will be weak on Trading below 5362
  • BN is testing the middle bollinger band or the 20 Day SMA. Closing below this level will be bearish and retest of the 200 and 50 SMA might happen again. Getting support here means another up move towards the recent high.
  • Weekly chart shows price near 5 Week High EMA. Today being a weekly close its important for bulls to close above this level.
  • Weekly chart with cloud shows a struggle between bulls and bears. For a bigger up move to happen week candle has to close and sustain above the weekly cloud.

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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