December 4, 2012

  • Silver testing 50 Day SMA.
  • 4 Hour chart has broken below the cloud. During the last test of 50 SMA Price was above the 4 Hour cloud. So chance of a bigger correction exist if price sustains below 50 Day SMA.


  • Crucial support for bulls on closing basis is the 200 Day sma.
  • Crucial resistance level is the 50 Day SMA. Violating these levels on closing basis may give a bigger up move. For bulls the daily cloud and golden ratio too may act as resistance if the up move continues. For a bigger rally bulls must do a cloud breakout.
  • First chart shows 4 Hour time frame with rising support line. Price testing this rising support line.
  • Resistances in Daily cloud and 23.6% Fib level, 100 Day SMA.
  • For bears break below the rising support line would give an extended fall.
  • SPX Bulls unable to sustain above 50 Day SMA.
  • Price is moving down from Golden ratio
  • Crucial support zone between 1396 - 1403. Break below this level may result in a bigger fall. Sustaining above this zone may give an up move towards the cloud as shown in the last chart.

  • Nifty fib level shows the resistance @  78.6% which comes at 5951
  • Weekly resistance zone between 5906 - 5941
  • Last chart shows possible resistance line. 


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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