- Gold daily testing resistance line and 100 Day SMA.
- 100 Week SMA shown in weekly chart is acting as support level till now.
- For bulls of gold price has to sustain above the resistance line and 100 Day SMA. A Weekly close at the current levels or higher will help the positional gold bulls to move ahead in the coming weeks.
- SILVER RECTANGLE AND RESISTANCE LINE
July 25, 2012
- Cisco daily chart shows price resistance at 50 Day SMA and a Range breakdown.
- Weekly chart crucial touch down at 78.6% Fibonacci level. Breaking this level could take CSCO towards the support levels shown in monthly chart.
- Month chart shows a descending triangle pattern with crucial support between 13.30 - 13.63 zone.
- S&P 500 ANALYSIS AFTER CLOSE
- Nifty one hour shown with the unfilled GAP's which may act as resistance on counter trend up moves.
- Hour chart also shows a bearish cross between 50 and 200 Hour SMA. 50 Hour SMA and the GAP may act as immediate resistance levels.
- Daily chart is testing 50 and 200 Day SMA. Bears need a breakdown at this level to extend gains.
- Weekly ichimoku cloud shows price unable to sustain the breakout above the cloud on both the attempts and resulting in a similar kind of fall.
- 20 Week SMA is taken out by bears now they need a weekly close below it.
- Next crucial level in weekly chart to be violated is the 50 Week SMA at 5086 and if price break this we may see the 50% Fibonacci level.
- For bulls they need to hold on to 50 and 200 Day SMA which were discussed in yesterday's post.
- S&P 500 EOD UPDATE
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