December 5, 2012

 
  • First chart shows gold below a supporting trend line But price is closer to crucial support levels.
  • First Support is the Swing low in daily chart at 1672. 
  • 50% Fib level and 200 Day SMA may is a support confluence which may act as strong support for gold.
 
 
  • EURUSD Daily chart shows resistance zone between 1.3140  -  1.3168. EURUSD Bulls need a daily close above this zone for a possible up move.
  • Weekly chart shows 38.2% Fib level stopping a bigger up move till now.
  • Last chart shows price violating the falling resistance line from 1.49 levels. Weekly close above 38.2% Fib level should result in a bigger up move.

 
  • Crucial resistance levels in daily chart are 50 and 200 Day SMA.
  • Daily charts indicators are at overbought zone which will be effective if price starts to trade below 20 Day SMA.
  • Weekly candle is testing 50 Week SMA. A weekly close below 50 Week SMA Should resume the fall.
  • DOW JONES ANALYSIS AFTER CLOSE
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  • Bank Nifty Daily chart shows the range breakout target which comes to about 12365. 
  • Bank nifty already testing a resistance line which was discussed few weeks back
  • For bulls price should sustain above the resistance line and 80% Fib level for a bigger up move to happen.
  • BANK NIFTY LIVE CHART WITH AUTO REFRESH
  • DOW JONES EOD ANALYSIS
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  • Dow Jones unable to move above previous support zone will favor bears. Bulls of Dow need a close above 12977 - 13038 zone and above 200 Day SMA for things to turnaround.
  • 50 Day SMA falling towards 200 SMA is also negative for bulls.
  • Possible breakdown again if price breaks below 20 Day SMA.
  • COPPER TRIANGLE PATTERN
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  • Copper weekly chart shows price moving towards the resistance line of the triangle pattern.
  • Daily chart shows price testing the daily cloud and resistance line. For bulls Price should breakout above the resistance line and cloud for a move towards the weekly resistance line.
  • Price is expected to stay inside this weekly price contraction for one or two months before it breaks out of this big triangle pattern.
  • SILVER TRIANGLE PATTERN
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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