- Gold weekly chart shows a broad range of 1522 - 1800.
- Weekly stochastic shows overbought readings But price yet to show weakness. Stochastic need to fall below 80 line for a possible correction otherwise range breakout is likely to happen.
- Gold bulls need a weekly close above 1800 for a possible breakout. Bearish weekly candle may start a fall.
September 28, 2012
- Citigroup bulls trying to hold above 20 Day SMA. Need price to break above the resistance line shown in first chart for a possible up move.
- 2nd chart shows price unable to sustain above the weekly cloud. Bulls need a close above 35 levels for targeting the next resistance level at 38.4.
- Day closing below 20 SMA should be negative for the coming week.
- ES Four hour chart shows a possible contracting triangle pattern.
- Crucial support is the 200 period SMA. Breaking below the triangle support line and 200 period SMA good result in a bigger correction.
- Breaking the triangle resistance line could lead to new high's
- S&P 500 ANALYSIS AFTER CLOSING BELL
4 HOUR CHART
- Daily chart of crude oil shows price bouncing from 100 Day SMA.
- 4 Hour chart shows possible resistance line and 50 period SMA which may act as resistance for the above mentioned bounce. For a larger up move price has take takeout these two resistance levels.
- ES SUPPORT LEVELS