April 23, 2012

SILVER Chart Analysis

  • Price has broken the support level at 30.98.
  • Daily candle closing below this level will add strength for bears of silver.
  • Bulls of silver need the golden ratio to be held for a possible up move.

BIDU Bearish Engulfing and 200 Day SMA

  • BIDU Falling after a bearish engulfing pattern in weekly chart.
  • Price is testing 200 SMA in daily chart. More falls only if this crucial support gets broken on closing basis.

IWM Testing support levels

  • IWM Four hour chart testing support levels and 200 period SMA.
  • Closing below these levels will strengthen bears of IWM.
  • Price closing above 200 period SMA should result in a bounce.

S&P 500 Futures Support levels

  • Price nearing an important support line of a bearish pattern.
  • Breakdown below the support line should also takeout 100 Day SMA on closing basis for a bigger fall to happen.
  • Unable to break 100 Day SMA should result in a long trade.

Reliance chart analysis

  • Crucial support for reliance are 718 and 687.
  • Price is trading below all major moving averages.
  • Weekly stochastic is yet to bottom out. Price if mange to sustain above 20 Week SMA we may see a turnaround.
  • Stock will be weak below 718.
  • For short term bulls price need to close above 20 day SMA.

Nifty Weekly Analysis

  • Closing below the middle bollinger band or 20 Day SMA may trigger a sell.
  • For bulls its the 50 Day SMA, Bulls also need to stay above the falling resistance line to avoid a bigger correction.
  • Weekly chart shows bullish engulfing pattern which needs confirmation. Increasing volume and closing above 5 week High EMA should confirm bullish momentum.
  • 5180 level is shown as a price pivot zone. price has visited this place many times, For now nifty is unable to move away from this zone. Bulls or bears if manage to cross important levels we may see a bigger move away from this zone.

INTEL Rising Wedge and Negative Divergence

  • INTEL Weekly chart shown with a rising wedge pattern.
  • Weekly MACD also shown negative divergence.
  • Bears of Intel need a close below 50 Day SMA for a bigger correction to unfold.