July 4, 2012
- Gold daily chart testing resistance line.
- One hour chart is showing a bull flag kind of pattern which on breaking out may lead to a breakout of the resistance line of daily chart.
- Price falling below 50 Hour SMA and the Hourly Ichimoku cloud may lead to correction in hourly chart which may affect the daily time frame as well. As price is testing an important resistance line weakness in Hour chart may lead to a bigger correction in Daily chart as well.
- CRUDE OIL RESISTANCE LEVELS
- USDINR Breaks below 50 Day SMA and Daily trend lines.
- Price is testing the daily Ichimoku cloud. Falling below it will extend the fall of this pair.
- Price is testing previous resistance line which may act as support. For the fall to extend price should break 53 - 54 level.
- BANK NIFTY TRIANGLE
- BN Weekly chart shows price contraction. Price is moving towards a possible triangle pattern.
- Fibonacci levels shows the resistance line and presence of 80% Fib retrace level near this line.
- For now Daily chart shows no weakness. Price stands above All crucial moving averages. So until price falls below 5 Day High EMA (10358) There cannot be any weakness. If price continues to trade above these daily levels we may see an attempt to breakout above the resistance line.
- USDINR BREAKS 50 DAY SMA
- Price moving away from 100 Day SMA.
- Next possible resistance is the resistance line shown in last chart and the 78.6% Fib level shown in 2nd chart.
- For bears, price closing above the 78.6% will be bad news as it gives chance for a bigger rally and a possible breakout above weekly high's. Getting resisted at these levels should result in a swing down, For a larger correction the channel of four hour chart has to breakdown.
- DESCENDING BROADENING WEDGE OF QQQ
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