March 26, 2012

FOUR HOUR CHART
DAILY CHART
  • AUDUSD Four hour chart shows price near resistance line. Four hour chart also shows price getting resisted at the cloud. So bullish traders need a cloud break for a bigger up move to happen.
  • Daily chart shows a bull flag like correction. Breakout above the resistance line and 20 day SMA should result in an up move towards 1.0660 at least.
  • Getting resisted here at 20 SMA should take this pair towards the support line of the flag.
  • Price is sustaining above resistance lines and Fibonacci levels. Closing above 200 SMA will keep the upward momentum intact for 205 and 215 levels.
  • For bulls price should close above 200 Day SMA.
  • Price has to close above the cloud and 23.6% Fibonacci level for a possible trend change in four hour time frame.
  • COPPER IN A RANGE
  • Copper daily chart continue to trade within the range of 3.6838 - 3.9790.
  • Weekly chart with fibonacci levels shows price stuck between 50% - 61.8%(Golden ratio). A weekly candle closing outside this range may give the next trending move in copper till then range bound move will continue.
  • Short term support and resistance levels are 10130 and 10590.
  • On the downside BN has many crucial support levels so a breakdown below 10130 may not give a trending move, For that bears need the 200 SMA to be broken.
  • On the upside closing above 10590 may give good momentum for BN for targets like 10900 and above.
  • NIFTY WEEKEND UPDATE

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My Favourite Quote

"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