September 5, 2012

 
  • Daily chart is getting ready for a bullish cross. Previous two signals with 200 and 20 day sma has worked well. But this time price is nearing weekly resistance line from 175 through 128. So for a bigger up move price has to trade above this falling resistance line.
  • BIDU CHART ANALYSIS




  • ES Four hour chart shows crucial resistance line.
  • Daily chart shows bollinger band contraction which should resolve by giving a big move soon.
  • Crucial support on daily chart is the red support line 50 Day SMA.
  • S&P 500 EOD UPDATE



  • BIDU Daily chart shows price testing the cloud. Sustaining above the daily cloud should result in an up move.
  • Resistance level in daily chart is 50 Day SMA which is at 118. Support is near 110
  • Weekly chart on closing basis shows strong support between 105 - 110. Positional bulls are safe as long as price closes the week above this level. 
  • S&P 500 ANALYSIS AFTER CLOSE



  • Tata steel weekly chart shows price nearing channel support line. Support line for the current week is around 349.
  • Up move will be possible only if price moves above the broken 78.6% Fib level.
  • Daily chart shows price falling from head and shoulders pattern. Last chart shows positive divergence, For this one to work price must trade above 5 Day High EMA.
  • S&P 500 EOD UPDATE


ONE HOUR CHART
FOUR HOUR CHART
DAILY CHART
  • SPX One hour is getting support at 200 Hour SMA.
  • Four hour chart shows price moving towards the cloud. If cloud gives support we may see an up move.
  • Daily chart shows price moving towards the channel support line. Bulls need price to breakout above the black resistance line for the up move to continue.

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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