- 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.
June 13, 2012
- 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.
- S&P 500 ANALYSIS AFTER CLOSE
- 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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