- Crude oil near the middle of the range.
- Price is also near the Rising Trend line.
- If the trend line and Range middle level gives support crude oil can rise again.
- Breaking both these levels can take crude oil towards the lower end of the range
- SPY SUPPORT LEVELS
March 22, 2012
FOUR HOUR CHART
- Four hour chart is testing important support level at 31.57. Trading below this level will favor bears of silver.
- Daily chart shows a falling wedge kind of pattern which can result in an up move if the support line is held. For today's candle this support comes at 31.20 approximately, Below this level silver will extend the fall.
- COPPER BREAKING SUPPORT LINE
- Break of 5329 gave a good short trade. Triangle discussed in four hour chart too has given a breakdown.
- Nifty 5 Minutes with the range 5329 - 5385.
- Break of the above mentioned level should take nifty towards the Triangles support or resistance lines shown in Four hour chart. A bigger breakout once the triangle gets resolved.
- Nifty bulls has to sustain above 20 Day SMA and try to close the week above 5 Week EMA and the triangle resistance line for a bigger up move to unfold.
- For bears 50 Week SMA is acting as a big hurdle. Price keeps getting support at this level. For now they need to stay below 20 SMA and try to break below 50 Week SMA in the coming week.
- 20 Day SMA at 5352
- 5 Week High EMA at 5425
- 50 Week SMA at 5230.
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