March 19, 2012

  • Four hour is nearing a resistance line
  • Weekly chart shows price continue to find support near 20 Week SMA.
  • Weekly chart will favor bears of silver only if it starts to trade below 31.57. Sustaining above 20 week sma should result in a breakout above the resistance line shown in first chart.
  • Rimm chart shows price trending down below 100 Day SMA and Ichimoku cloud.
  • First chart shows fibonacci levels as resistance. 
  • Breaking above 38.2% Fib level may lead to 100 Day SMA and the cloud. For a sustained up move price has to sustain above these tough resistance levels.
  • Silver one hour with support and resistance levels.
  • Silver four hour chart shown with a bearish channel. Price has to breakout of the channel for a bigger pullback to happen.
  • Break of 5281 gave a good short trade as discussed in the below chart.
  • Nifty hour shows 50 Hour SMA coming closer to 200 Hour SMA. It can be a fast fall or if today's lows are held we may see an up move which may lead to a bullish crossover.
  • 5 Minutes chart shown with ichimoku cloud. Falling below 5281 will favor intraday bears. Sustaining above the cloud may give a bullish trade.
  • 50 Week SMA is crucial for bulls and bears. Trading and Closing above this level will keep it safe for bulls as this pullback after the breakout can be termed as a consolidation after an up move which mostly ends up as a continuation pattern. Closing the week below this level will make things weak for the bulls.
  • For a larger up move or a stronger bull, price has to close above the weekly Ichimoku cloud. So this zone is kind of in between a stronger bull or a back to bear market kind of zone as shown in last chart. which may get resolved when the larger support 5171 or the important resistance 5629 gets taken out.
  • 50 Day SMA near 5220 will be an important support in daily chart. 20 Day SMA near 5393 will act as resistance.


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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