- Daily and Weekly charts has broken crucial support levels.
- Week closed below 20 Week SMA. Weekly MACD is in sell mode which will help the bears of IWM.
- Daily is approaching a neck line of a possible head and shoulders pattern. Trading below 78.14 - 78.58 will strengthen bears further.
- 20 Day SMA, 100 Day SMA and the cloud will act as resistance from now on.
- SPY WEEKEND UPDATE
May 6, 2012
- SBI Closed below 200 SMA. There is no volume breakout yet.
- Price closed below 50% Fibonacci level.
- If the channel support line shown in 3rd chart does not hold price may fall towards the golden ratio.
- Bulls shall hope for the channel support line and oversold status to give a bounce.
- TATA STEEL RANGE BREAKDOWN
- Tata Steel daily chart shows range breakdown.
- Price managed to close below 200 Day SMA.
- Price also closed below 38.2% fibonacci level.
- Next support is the 50% Fib level and the recent swing low of 415. Breaking below this may target the Golden ratio.
- For bulls one thing in their favor is that the breakdown is not showing big volumes So if price manage to come back above 200 SMA bulls may save themselves from a big fall.
- TATA STEEL INTRADAY LIVE CHART
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