October 4, 2012

Hewlett Packard Channel and Positive divergence

  • Hewlett Packard fell to the channel support line. A reversal candle or Doji at the channel support line could start an up move towards the channel top.
  • MACD Histogram is showing positive divergence which could help bulls with a bounce.

EURUSD Chart update

  • EURUSD Daily chart moving away from 200 Day SMA. Price is also breaking above 20 Day SMA.
  • 4 Hour chart seen breaking above the cloud. If daily candle closes above 20 SMA then EURUSD could move towards the resistance levels shown in last chart.

Falling Wedge of CRUDE OIL

  • Crude oil daily chart shows a possible falling wedge pattern. But with price closing below 100 Day SMA the chances of this pattern working well for bulls is low.
  • Daily closing back above 100 SMA shall give good gains for bulls.
  • For bears a break below 86.90 should give 84 levels.

ES Chart analysis

  • ES testing the contracting triangles resistance line.
  • Breakout can be confirmed only above the levels shown in 2nd chart. Horizontal resistance zone shown in yellow has to be taken out by bulls for a bigger up move to happen.
  • Daily staying above 20 Day SMA will favor bulls. Bears need to break and close below 20 SMA for a correction to happen.

APPLE Chart update

  • Apple daily chart is bouncing from 50 Day SMA and Lower bollinger band.
  • Resistance at Middle bollinger band or 20 Day SMA at 679. For a bigger up move bulls must close above 20 Day SMA.
  • Staying above 644 and the up trend line from 380 will avoid a bigger correction in Apple.

NIFTY Chart analysis

  • Except the Negative divergence and Weakness in Daily MACD indicator there is nothing that's supporting bears of Nifty for now.
  • Price sustaining above 10 Day EMA will keep nifty moving up.
  • Weekly MACD is yet to show weakness. Price sustaining above 5740 on closing basis will target the next resistance zone of 5850 - 5900.
  • Crucial support is the Golden ratio shown in weekly chart.

SILVER Chart analysis

  • Silver daily chart struggling to close above 35 levels
  • Bears need a daily close below 20 Day SMA for a bigger correction to start.
  • Daily chart also shows 78.6% Fib resistance near 35 levels.