August 30, 2012

  • Silver daily chart shows support line between 29.89 - 29.93. Second chart shows daily chart with fibonacci support levels. 
  • Third chart shows weekly fibonacci levels, 23.6% is acting as resistance for now. Last chart shows hourly time frame in a range which should be resolved for a bigger move to happen.


 
  • Apple hour has violated the up trend line.
  • Supports in hour chart are 655 and 647 levels 
  • Weakness on closing below 50 Hour SMA.
  • Possible trend turn only if price breaks below the cloud.
  • ES CHART ANALYSIS


 
 
  • ES Daily chart trading below 20 day SMA.
  • Daily chart shows support near lower bollinger band.
  • Hour chart shows price bouncing from 78.6% fib level. More falls on breaking this level. Holding this level an intraday up move possible.

NIFTY WEEKLY CHART
  • Nifty fall pausing at 50 Day SMA.
  • Breaking day low and 50 SMA could fill the GAP shown in 2nd chart completely and may target 38.2% Fib level at 5188.
  • For bulls price must get back above 23.6% Fib level to avoid a bigger fall.
  • Shooting start shown in weekly chart has been doing well so far.
  • TATA STEEL CHART ANALYSIS



  • Tata Steel daily chart shows a Head and shoulders breakdown.
  • Weekly chart shows price violating crucial support at 382.
  • Bulls of tata steel badly need an intra week rally to close the week above 382.
  • Next major support at 331 levels. 78.6% at 367 levels may act as a support.
  • NIFTY WEEKEND UPDATE


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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