September 19, 2012

  • Crude oil four hour chart shows price breaking crucial support levels.
  • Daily chart shows price violating 50 Day SMA. Crude oil bears need a close below 50 SMA.
  • Fibonacci levels too shows price violating crucial levels.
  • COPPER NEAR RESISTANCE LEVELS
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  • Hour and daily chart shows possible resistance lines.
  • Daily chart continue to diverge negatively without any use for bears. Price continuing above 20 SMA will favor bulls to extend gains.
  • SPX ANALYSIS AFTER CLOSE



  • One hour chart shows channel breakout and retest of the channel resistance line. 100 Hour SMA too may act as support for an up move.
  • Price in a range between 1449 - 1458. Once the range is resold a bigger move is likely to happen.
  • Price is above 200 SMA as shown in 3rd chart a bigger fall may not be possible as long as price holds above this crucial support level.
  • SPX ANALYSIS AFTER CLOSE



  •  COPPER Daily chart shows price near previous resistance level of 3.84.
  • Crucial support levels in four hour charts are the 50 period SMA and 3.7365.
  • Up trend will be safe above the cloud. Four hour chart shows a possible double top pattern. Candlesticks too suggests a correction from the current levels towards the support levels discussed above.
  • SPX ANALYSIS AFTER CLOSE

 
 
  • SPX one hour hits the up trend line.
  • Price also at 23.6% Fibonacci level.
  • Price near 50 Hour SMA.
  • Resistance line of 4 Hour may act as support. Breaking these levels will extend correction towards 1444 levels. Taking support here should resume the up move towards recent High's
  • EURUSD WEEKLY CHART ANALYSIS

  • Silver Four hour chart shows price continues to make newer high's holding above the trend line and 50 period SMA.
  • Price is testing a crucial fibonacci level in Weekly chart. Trading above this level will favor silver bulls. A weekly close above this level should give 37 and higher levels for Silver Bulls.
  • EURUSD WEEKLY CHART ANALYSIS
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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