July 16, 2012

CITIGROUP Chart Analysis

  • Citigroup is getting resisted at 50 day SMA and daily cloud.
  • For a double bottom formation price must sustain above 50 Day SMA.
  • Breaking below 25.08 will lead to a continuation of the major trend which is down.

COPPER Resistance levels

  • Daily chart of copper shows a possible channel with price moving towards the resistance line of the channel.
  • Price is also moving towards the 100 Day SMA which may act as resistance.
  • If copper breaks above these two levels it will hit the resistance line shown in weekly chart which should be stiff resistance to cross.

ES Resistance levels

  • ES Resistance zone between 1352 - 1357 level.
  • Price also near 50 period SMA and Golden ratio. 
  • Crossing the above resistance zones may target 1363 and 1370 levels in the short term.
  • Unable to cross the Golden ratio will favor bears for a correction.

Bank Nifty Charts and India VIX

  • Bank nifty daily chart with MACD Histograms is showing negative divergence. There is no MACD sell signal yet.
  • For bears of BN we need price to breakdown from the channel shown in first chart. BN is also trading close to the weekly upper bollinger band which may act as resistance. 
  • India VIX is trading close to a crucial support line which may lead to a turnaround.