January 11, 2013
- Crude oil violating the weekly resistance line. Bulls need a close above this line for extending the up move. Price closing the week back into the pattern will favor a short trade.
- Price also testing 100 Week SMA. A Bearish weekly candle at this stage may favor bears of Crude oil. For extending the up move price must close the week above 100 Week SMA.
- First chart shows price trending up above the up trend line.
- Second chart shows a MACD sell signal and price testing 20 Day SMA. For bears of BAC Price need to sustain below 20 Day SMA for a bigger fall.
- Last chart shows weekly chart with Fibonacci fan. Price showing weakness at 50% Fib line.
- FACEBOOK RESISTANCE LEVELS
- Nifty has closed one of the GAP's which was created during the current up move.
- Sustaining below 5947 Nifty is likely to close the next GAP between 5963 - 5982.
- Price may fall to the rising trend line shown in the last chart.
- 200 Hour SMA of one hour time frame is also likely to act as support. A bigger fall if price closes below this line.
- TCS CHART ANALYSIS
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