September 13, 2012

 
  • 4 Hour cloud and up trend line is acting as support to continue the up move.
  • Price is approaching a crucial Fib number. Silver bulls must cross this level for continuing the up move towards 37 levels.
  • DOW JONES SUPPORT AND RESISTANCE LINES
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  • Dow jones daily chart shows price moving away from crucial resistance levels. But Bulls need a daily close at the high of the day for confirming a breakout.
  • Weekly chart is yet to reach the wedge resistance line. Bigger breakout only above this line.
  • Intraday weakness below 13313 and 13251 levels.
  • EURUSD CHART ANALYSIS


  • EURUSD Approaching 50 Week SMA Which may act as resistance.
  • Daily chart too is near previous support level (1.30) which may act as resistance.
  • For bulls of EURUSD Price is above 200 Day SMA Which will keep the bullish hopes alive. Sustaining above 200 SMA the above mentioned resistance levels may get broken easily.
  • SPY CHART ANALYSIS
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  • SPY Weekly chart shows price almost hitting the resistance line of the rising wedge for SPX price has some more distance to go before hitting this line.
  • Daily chart shown with the negative divergence which refuses to help bears with a correction. Price has to show weakness for a bigger fall to follow.
  • Hour chart shown with immediate support and resistance levels.
  • ES CHART ANALYSIS

  • Gold hour chart moving sideways after an up move.
  • 4 Hour chart is near crucial up trend line getting support here should do an up move. Breaking the trend line may push gold down towards the cloud or the 2nd up trend line.
  • Price sustaining above the 4 Hour cloud will keep the up trend intact.



 
  • Tata Motors daily chart has given a breakout from an Inverted Head and shoulders pattern.
  • Weekly cloud continue to act as support for the bulls.
  • Week MACD has given a buy signal. If price sustains above 20 Week SMA this should extend towards the upper bollinger band or 280 plus levels. Week has to close above 20 Week SMA for bullishness to sustain.
  • PREVIOUS POST ON TATA MOTORS
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  • ES Hour chart has violated the hourly up trend line and 100 Hour SMA.
  • Falling below the hourly cloud will extend correction for bears.

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My Favourite Quote

"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