- Four hour chart shows price continue to create new lows below the cloud.
- Weekly chart shows possible support line in Weekly up trend line. Support for this week comes near 85 levels.
- Death cross is happening in daily chart. So for some months oversold up moves may not give bigger long trades. right now crude oil looks oversold and a trading bounce is possible from the weekly trend line.
- Possibility of a bigger fall if weekly trend line does not hold
May 30, 2012
- Silver Four hour chart shows a contracting triangle pattern which should resolve soon.
- Daily chart shows price unable to close above 20 Day SMA. Bulls need a close above 20 Day SMA for a breakout in their favor.
- For bears the Weekly support level looks strong between 26.02 - 26.75 level. This level has to be broken for bigger down moves to happen.
- SBI Daily chart is near resistance levels like upper bollinger band and Golden ratio.
- SBI Weekly candle is testing 20 Week SMA.
- Weekly chart is nearing its falling resistance line. Price has got some more to go for hitting this line.
- Last chart is crucial if a correction is to happen price should fall below 50 Day SMA otherwise a possible hit at the weekly resistance line exist before the correction.
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