- Crude oil daily chart shows fib levels. Price near 23.6% Fib level which should break for further down moves to happen.
- Second chart shows the crucial support zone between 93 .50 - 93 .95 and 50 Day SMA. These two levels may act as strong support levels But breaking them could lead to sub 90 levels and lower.
- Last chart shows Golden ratio in weekly chart acting as stiff resistance till now.
February 7, 2013
- First chart shown with a falling wedge pattern. Usually falling wedge breakout happens in favor of bulls. This one has given a breakdown. If the range in daily chart gives an upper breakout this can be classified as false breakdown which may result in a bigger up move.
- For bulls price need to close above 20 SMA Which is above 479 for a possible target of 50 Day SMA.
- For Bears Unable to close the days into the GAP should lead price towards 435 and followed by a range breakdown.
- FACEBOOK CHART UPDATE
- First chart is the weekly time frame with the up trend line from 4770 levels. MACD is threatening to give a sell signal But the sell signal may do well only on a trend line break otherwise we may see new high's soon.
- Other charts shows price testing Lower bollinger band and 50 Day SMA Trying to stop the correction. Sustaining above 5940 an up move is possible. Closing the day below 50 SMA and 5940 will further strengthen nifty Bears.
- TATA STEEL CHART ANALYSIS
- TATA Steel continues to fall down in a channel.
- Price has fallen below crucial moving averages like 20 and 200 day SMA. Sustaining below 200 SMA will further strengthen Tata Steel bears.
- Price is testing Golden ratio. If this level does not hold then next possible support levels are at 387 and 78.6% Fib level.
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