September 28, 2012

  • 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.


 
  • SILVER 4 Hour chart shows a range between 33.26 - 34.86
  • Price for now is sustaining above 100 period SMA.
  • Price is moving around the 4 Hour cloud. So the range breakout should give a bigger move for silver.
  • 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.
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  • 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
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  • SBI Testing 100 Week SMA, Weekly cloud and crucial fibonacci levels.
  • Month chart shows monthly candle trading above 20 month SMA after 16 Months. Closing above this level should be positive for the stock and will help bulls to breakout above the levels mentioned above.


 
  • SPX One hour chart shows price getting support at 200 Hour SMA.
  • One hour also shows  a triangle shaped contraction which should give bigger moves on a breakout.
  • Daily moved above 20 Day SMA which should favor bulls.


DAILY CHART
 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
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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