May 21, 2012

  • Bank of america has fallen below 200 SMA which is bad news for bulls of BAC.
  • Daily chart continues to fall down in a channel.
  • Price has also fallen below the golden ratio. Closing below the golden ratio and 200 SMA Could strengthen bears further to extend the fall.
  • Bulls of BAC need to get back above 200 SMA to minimize the damage.

  • Apple hour chart shows price testing 50 Hour SMA.
  • For this up move to continue price should sustain above the 50 Hour SMA and the hourly cloud.
  • Last chart shows four hour time frame with trend lines. Price if stays above the dotted line may extend the up move towards the black trend line.

  • If EURUSD breaks last weeks lows then the levels mentioned in the first two charts may be tested the 78.6% Fib level and the support line.
  • Month chart is bouncing from the Trend line shown in the last chart. If the trend line gets violated then the marked support zone between  1.23 - 1.25  may come into play.

  • ES continues to trade below 50 Hour SMA and Ichimoku cloud in hour time frame.
  • Daily need to stay above 200 SMA for a turn around to happen.
  • Price sustaining below 200 SMA and breaking last week's low could give another breakdown.

  • All three time frames have changed positive.
  • Buy signal is not yet confirmed in daily chart.
  •  A Higher close today will add strength for bulls of MCX Copper.

  • USDINR Weekly chart is showing negative divergence with MACD Indicator.
  • But Month chart is showing a breakout above the multi year Resistance line. Bullish traders of this pair need price to sustain above this resistance line on month closing basis for bigger up moves to happen.

  • For bulls a daily close above 5 day high EMA should result in a bounce. 
  • Weekly chart shows price bouncing from Lower bollinger band. If last week's lows are held then a channel is likely to play out as shown in the last chart.
  • Crucial resistance levels if nifty decides to move up are 
  • 5 Day High EMA 4934
  • 5 Month Low EMA 4937
  • 5 Week Low EMA 4975


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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