- Crude oil pausing at the levels mentioned in an earlier post of crude oil.
- Sustaining above 50 Day SMA Price will make another attempt to close above 38.2% Fib level which should result in an up move towards 50% fib level and above.
- Daily cloud will be tough to break. Price closing above the daily cloud will lead to a trend change in crude oil. Bears of crude oil need a close below 50 day SMA.
July 5, 2012
- Broken monthly trend lines of EURUSD and the Fibonacci levels are hinting more lows for this pair. If 1.22 levels does not hold which means price breaking below the 50% Fibonacci level, pair will fall towards 1.18 levels which is a crucial low in monthly chart. Below 1.18 we have the Golden ratio which is near 1.14 levels.
- Above bearish view can be negated if the falling wedge drawn in weekly chart plays out.
- ES CHART ANALYSIS
- Since price is near a crucial resistance line If price falls below 50 Hour SMA and the Hourly cloud we may see an extended correction.
- Bulls must sustain above the hourly cloud to have a chance of breaking out above the resistance line shown in first chart.
- GOLDMAN SACHS BULLISH PRICE ACTION
- Nifty continue to trade near the channel resistance line. Price is also hanging on to the Golden ratio.
- Bulls need to move above the 5 Month High EMA which is at 5332 to avoid a correction and for a bigger up move to happen.
- Falling below 5 Day High EMA at 5281 will be seen as negative. A Daily close below this level may take nifty towards the Low EMA.
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