June 13, 2012

  • Price testing crucial support zone in daily chart between 560 - 564
  • Weekly chart too shows price near an up trend line which may act as support.
  • Daily chart also shows price near the golden ratio which may act as support.
  • Getting support at these levels may lead to an up move towards 630 levels again. on the contrary if the support zone and trend line gets broken then stock may fall towards 520 levels.

  • Gold daily chart shows price contracting between support and resistance lines. A breakout or breakdown may happen soon. 
  • Weekly charts shows bearish cross with 20 and 50 Week SMA. Sustaining below this crossover level  and the weekly cloud will favor gold bears. For gold bulls to resume the previous trend price must breakout above the weekly cloud.

  • First  chart is a bearish pennant formation in four hour time frame.
  • Next chart shows possible resistance levels which bulls need to cross for an up move to happen. 100 period SMA and 588 need to be crossed for extending this up move.
  • Crucial support for the day is 566 and bears will be stronger on closing below 100 DAY SMA.

  • Silver nearing 50 day SMA and Daily Ichimoku cloud. Last attempt to stay above these levels failed. 
  • Silver bulls need a daily close above 50 Day SMA for a possible turnaround. 
  • Unable to trade above 29.05 will be negative for silver bulls. 
  • SBI Near multiple resistance lines in weekly chart.
  • Daily chart is staying above 100 Day SMA as shown in 2nd chart. Daily MACD is in buy mode. Bulls need a trend line breakout to extend the up move. Weekly chart need to close above the cloud for a bigger breakout.
  • Price closing below 100 Day SMA will be negative and also will result in a sell signal in daily time frame.

  • SPX Daily chart shows previous support band acting as resistance. 
  • Four hour time frame shows the falling wedge and IHNS patterns. Both are valid and will be strong as long as price stays above 1291 levels.
  • One hour chart shows price trying to sustain above 200 Hour SMA and resistance between 38.2% and 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