June 6, 2012

  • Silver daily is trading near a resistance line as shown in the first chart.
  • Price is also testing 50 Day SMA.
  • Daily chart with cloud shows possible resistance level. Breaking above the cloud will strengthen bulls.

  • SPX hour chart near a possible resistance line. 4 Hour chart is testing 50 period SMA
  • Price is staying above 50 Hour SMA and if this level holds it may target 200 Hour SMA.

  • Nifty hour moving into resistance zone of 5020 - 5039
  • Price has moved above 50 and 200 Hour SMA. Bulls need a bullish crossover for the up move to continue.

  • Nifty getting resisted near 20 Day SMA. Closing above 20 SMA could take nifty towards the top of the range mentioned in the second chart.
  • Price is likely to trade in a range as shown in the second chart for sometime.
  • Weekly chart shows stochastic continue to remain oversold. If Price does not takeout 5 Week High EMA on closing basis stochastic will continue to remain oversold.

  • Price closed at 200 day SMA. For an up move price must sustain above this level.
  • Immediate resistance level is the previous support which is 1291.98. 
  • Falling wedge shown with fibonacci levels for the last fall as resistance levels. Unless a breakout happens price is likely to get resisted near 50% Fib level.


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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