Stock Market Chart Analysis: 12/19/12

December 19, 2012

Crude oil has given a breakout from the daily triangle pattern.
Price is testing 200 Day SMA. For a sustained up move price must close above 200 SMA and a resistance line shown in the last chart.
SILVER BEARISH PATTERN

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Silver daily shows a bearish M.
But crucial support levels at 200 Day SMA, 30.63 AND 50% Fib level.
Further weakness only if price breaks the above mentioned support levels on closing basis. Bigger falls can be seen if price closes below those support levels.

Gold Testing its 200 Day SMA.
2ND Chart shows possible support line of Gold below 200 Day SMA. More falls only if the support line gets broken.
For bulls price must sustain above 200 SMA and 1672 for a possible up move. Daily cloud will continue to act as resistance.
DOW JONES ANALYSIS AFTER CLOSE

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Apple daily chart shows price reversing from bullish engulfing pattern. If the up move sustains it could target the 20 Day SMA near 555 levels.
Weekly chart is also trying to put up a bullish engulfing pattern. If Price closes the week at the current levels or higher we can confirm a bullish engulfing in weekly chart.
Bulls need price to close above the weekly cloud and the oversold stochastic to turn up for a bigger up move.
DOW JONES ANALYSIS AFTER CLOSE

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Tata steel is breaking above a falling resistance line in weekly chart.
But the stock is also moving towards crucial resistance levels like 50 Week SMA and Weekly Ichimoku cloud. For the up move to continue price must close above 50 Week SMA and break into the cloud.
For the long term trend to change price must sustain above the weekly cloud.

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Dow Jones daily has closed above the resistance zone as shown in the first chart.
2nd chart shows price closing above the daily ichimoku cloud.
Last chart shows price nearing a potential resistance zone at 78.6% Fib level. Closing above this should help bulls to reverse this entire down move.
APPLE BULLISH ENGULFING