April 24, 2012
- Black support line shown in first chart is crucial. Breaking below it will take ES towards 1340 levels.
- 2nd chart shows the bearish moving average alignment which will continue to favor bears.
- Things will be tough for bulls as the rally's will find it tough to cross 50 period SMA, The falling resistance line and 200 period SMA.
- GOLD NEAR LONG TERM SUPPORT LINE
- Last chart shows 50 Hour SMA below 200 Hour SMA. Up moves towards 200 Hour SMA will face selling pressure.
- Four hour chart shows price taking support near 200 period SMA and near recent swing low of 1357. Breaking below 1357 may target 1340 levels.
- For bulls to regain momentum they should break and trade above 200 Hour SMA.
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