May 10, 2012
- Crude oil getting support from Weekly cloud and daily support level near 95.
- Major hurdle for bulls is the 200 Day SMA which must be crossed to generate upward momentum.
- So for now price is stuck between these two support and resistance levels. Once price breakout of this range crude oil may give the next trending move
- CISCO CHART ANALYSIS
- Price sustaining below the daily Ichimoku cloud will favor bears to extend the correction.
- Price is nearing 200 Day SMA. A daily close below 200 SMA will strengthen bears further.
- Possible support level is shown in the weekly chart with fibonacci levels. 50% and Golden ratio(61.8%) may give support.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Reliance month chart near the apex of a multi year triangle pattern.
- Weekly charts shown with price near crucial support level and oversold indicators.
- There is no turnaround or bottom formation in price yet. So one should not assume that a bottom is going to form. Breakdown at this level will keep the indicator oversold. So look for bullish candles at this level for going long.
- USDINR MONTHLY CHART
- SPX Hour chart shown with price cluster below 1357 level. Sustaining below this support level is risky for bulls as it may lead to bigger breakdowns
- Daily chart shown with 100 Day SMA. This line has been saving bulls for the last two days. Bears need to close below this level.
- Weekly looks good for bears. All bears need is a weekly close below 20 Week SMA to confirm bearishness.
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