July 18, 2012

SILVER Chart analysis

  • Silver holding above Weekly support line will give hope of an up move for bulls of silver. But price is getting resisted at the 50 Day SMA. Silver bulls need a daily close above 50 Day SMA for a possible up move to happen.
  • Major support is the 26 level. Break below this level will take Silver towards the golden ratio shown in the monthly chart. Golden ratio may save silver bulls from a bigger fall.

QQQ near resistance levels

  • Bulls of QQQ need multiple breakouts above 100 Day SMA and the resistance line of the wedge to continue today's up move. Failing to cross these two levels will result in another correction.

SPY Chart update

  • Contraction pattern shown yesterday has given a breakout.
  • Now for bulls of SPY price must sustain above 137.51 for a possible hit at the channel resistance line before falling again.

INTEL Chart analysis

  • Intel weekly chart near 50 Week SMA and crucial support level as shown in 2nd chart.
  • Last chart with stochastic indicator shows oversold daily chart which might result in a bounce.
  • Price sustaining above 200 SMA and falling resistance line should result in an up move.

Rising Wedge of crude oil

  • Crude oil four hour chart shows a bearish rising wedge pattern.
  • Fibonacci levels are hitting resistance levels.
  • Weekly chart also shows price moving towards a crucial support resistance level. Price must sustain above this zone of 89 - 93 for a bigger move to take place. Unable to cross this zone may result in a fall from the rising wedge.

TATA Motors Chart analysis

  • Price has closed below 200 Day SMA.
  • MACD has given another sell signal in daily time frame.
  • Things will be worse for bulls of Tata motors if price starts to trade below 50 Week SMA and 217 level which are crucial support levels.
  • Below 217 stock may fall to 207 and 192 levels.
  • If 50 Week SMA and 217 level is held we may see an oversold bounce.

S&P 500 Analysis after closing bell

  • Price has closed the day above 100 Day SMA. Closing price is at the Golden ratio and a falling resistance line which must be crossed for extending the up move of SPX.
  • Next crucial level to cross is the swing high of 174.81.
  • Unable to trade above the falling resistance line or the Golden ratio might result in a correction.