June 22, 2012
- ES one hour chart shows price falling below 50 and 200 Hour SMA.
- Four hour chart shows price trying to find support at the cloud. ES bears need price to break below the cloud.
- Last chart shows the inverted head and shoulders pattern which is still valid. Bears need price to stay below the 200 period SMA.
- BAC CHART ANALYSIS
- BAC Weekly chart shows price resistance at Middle bollinger band. Weekly close below this level will be negative for bulls of BAC.
- Daily chart shows resistance at 100 Day SMA. Fall will extend on breaking below 50 day SMA.
- Four hour chart shows a channel. Breaking below the channel may target 50 period SMA of four hour chart. Getting support at channel support line may save bulls of BAC from a bigger fall.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Nifty closed near the crucial price pivot zone of 5180 - 5200 which has seen many price rejections. Being a weekly close day today price has to close above this level and weekly Middle bollinger band to extend the up move.
- Daily chart with Ichimoku cloud shows another attempt to breakout above the cloud. Failure for second time will be negative.
- Bears need price to close below 50 Week SMA for a possible trend change in daily time frame.
- S&P 500 EOD UPDATE
- Four hour chart shows a confluence of resistance with previous support acting as resistance and Golden ratio combining well to stop the bulls from advancing.
- Daily chart shows price getting resisted near the cloud and closing below 50 Day SMA.
- Weekly chart too reacted from 20 Week SMA With just one more day for the week to end its looking bad for bulls of SPX.
- GOLD UPDATE
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