- QQQ violates crucial support zone.
- Price continue to fall down in a channel
- Daily chart is trading below 200 Day SMA. A lower close today may continue to favor bears of QQQ.
- DOW JONES WEEKLY RISING WEDGE
November 7, 2012
- Crude oil daily chart shows price up move getting resisted near 50 Day SMA. 50 sma Moving away from 200 SMA will make it tougher for the bulls of crude oil for making a bigger up move.
- Daily chart is trading below the Ichimoku cloud which will also favor bears of crude oil on up moves.
- Bigger time frame the weekly chart shows up move from 23.6% Fib level getting resisted near 38.2% Fib level.
- ES CHART ANALYSIS
- Bank nifty Daily chart testing resistance line. Same chart shows the steady up move of moving averages which looks good for bulls.
- Weekly charts are not giving clarity. Its still a narrow range with violations on both sides. So week closing outside this range should result in bigger moves.
- Last chart shows weekly chart with 5 Week High EMA. Bulls need a close above this line for a possible up move. Recent signals have worked well for bulls.
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