April 16, 2012

  • Google daily chart has fallen below the up trend line.
  • Price has also given a breakdown below 50 Day SMA.
  • Next hope for bulls of Google is the 200 Day SMA

  • QQQ Daily chart hits 50 Day SMA.
  • Price also touched 23.6% Fib level.
  • Previous resistance level was 65.08 which may act as support. 
  • Daily close below these levels will add strength to bears.

  • ES Four hour charts with resistance levels.
  • Price near resistance line and 50 Period SMA which has acted as resistance so far.
  • For a trend change to take place price must trade above all these levels and the previous support level  which acted as resistance so far.

  • Crude oil daily chart looks bearish as it stays below 20 and 50 Day SMA.
  • But weekly chart is at a crucial support level. 20 Week SMA has given good support when price fell onto it last time. Week candle has given a Doji like formation at 20 Week SMA. If price stays above this line crude oil may turn up again.

  • Nifty moving towards crucial support levels.
  • 200 SMA at 5145.
  • Recent low at 5135
  • Mid Bollinger Band or 20 Week SMA @ 5129
  • 50% Fibonacci level near 5080.
  • Perfect scenario for bulls would be an intra week break of these levels and close the week above them thus keeping the bullish scenario intact.
  • For bears daily closing below these levels will add strength confirmation on a weekly close.

  • Silver daily chart with support and resistance levels.
  • Breakouts above 20 Day SMA is not sustaining.
  • Daily candle closing above 32.58 will lead to a bigger up move in silver
  • Breaking below 30.98 will be negative and may take silver towards 29 levels.


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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