May 17, 2012

ONE HOUR CHART
  • Apple Testing 38.2% Fibonacci level and price is also trading near 100 Day SMA.
  • Hour chart is trading below the hourly cloud which will continue to favor bears. 
  • If 100 Day SMA gives support an up move is possible. 
  • S&P 500 ANALYSIS AFTER CLOSE


CHART-II
  • Gold near 200 Hour SMA. Trading above 200 Hour SMA will turn the hour trend in favor of Gold bulls.
CHART-I
  • Gold testing 100 Hour SMA.
  • Price has crossed the hourly cloud. Next resistance on chart is near 1560 - 1565 level if this is taken out price may move towards 200 Hour SMA.
  • Unable to trade above 100 Hour SMA and 1565 may result in a sell off.



  • Third chart is the four hour time frame which shows the strength of the prevailing trend.
  • Weekly chart shows price near crucial support zone of: 1.2586 - 1.2624.
  • Price near 78.6% If week closes below this level then a deeper fall is possible.
  • S&P 500 ANALYSIS AFTER CLOSE



  • Nifty weekly RSI is showing oversold levels. But price is yet to shown any signs of reversal.
  • Daily is trading below 5 Day HIGH EMA as shown in the second chart. Price left this moving average near 5250 levels and yet to touch this line for the current down move. So for a strong reversal to be seen price should at least hit this moving average line.
  • Hour chart too trending down below 50 Hour SMA and cloud.




ONE HOUR CHART
  • If price continue to sustain below 23.6% Fib level shown in second chart it should target 1290 - 1300 level in the coming day's.
  • One hour chart shows price getting resisted near 20 and 50 Hour SMA. Trend in hour chart will remain in favor of bears as it continue to stay below the cloud.



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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore