April 9, 2012
- Price continue to move down in a channel
- Four hour cloud too acting as stiff resistance. Four hour candle closing above the cloud may give a long trade.
- In daily time frame price is trading below 20 and 200 SMA. Any up move if it has to be a larger one should trade above these two moving averages.
- ES CHART ANALYSIS
- First chart shows Shaded portion which is crucial support level. Now that this level is taken out bulls need to go back above this level to avoid a bigger fall.
- Price also has fallen below 200 Period SMA in four hour time frame.
- Golden ratio shown in four hour chart may give a bounce But price need to stay above 200 Period SMA and the shaded portion for a bigger pullback to happen.
- BANK OF AMERICA WEEKLY UPDATE
- Correction of BAC is taking the price towards the up trend line. Price has closed below 20 Day SMA It's yet to test the up trend line which is expected to give support for the stock.
- Fibonacci level of 23.6% is coinciding with the up trend line thus giving hope for bulls of a turnaround from this level.
- Last chart is shown with the Golden cross. Rising 50 Day SMA should be a strong support level. Price has to stay above this level to maintain the bullish structure.
- S&P 500 WEEKEND UPDATE
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