July 25, 2012

  • 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 4 hour chart with a bullish rectangle pattern.
  • Bullishness will sustain only on a breakout above the daily resistance line and 50 Day SMA.
  • Failure to sustain above 50 Day SMA will be negative for silver bulls.

  • APPLE has violated its 20 Week SMA.
  • Price has also fallen below 50 and 100 Day SMA.
  • IF price breaks the above mentioned Moving averages on closing basis then stock could target levels shown in the last chart.

  • 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.

  • Crude oil bulls trying to stay above 20 Day SMA.
  • Sustaining above 20 SMA price may target 100 SMA one more time for a breakout.
  • Weekly Ichimomku cloud will also act as stiff resistance for crude oil bulls.

  • 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

  • SPX Bulls managed to close above 50 Day SMA.
  • Second chart shows crucial support levels on chart from 1306 - 1309 and  1325 levels and 200 Day SMA in between these two levels.
  • SPX Four hour chart shows price sustaining below the cloud. Bears need a break below 1325 to extend gains.

  • BIDU Trying to stay above 50 day sma on closing basis.
  • Price is getting resisted at daily cloud and 38.2% FIB Level and Daily cloud.
  • Bulls need a daily close above 50 SMA to break above the resistance levels.


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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore