April 16, 2012
- 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.
- SILVER SUPPORT AND RESISTANCE LEVELS
- 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.
- S&P 500 WEEKEND UPDATE
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