February 7, 2013

  • 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.
 
  • Daily chart nearing 50 Day SMA.
  • Weekly chart is near 100 Week SMA.
  • 4 Hour chart shows price approaching crucial fib levels.  Bounce may happen if price stables near 100 Week SMA.
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  • 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
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  • Facebook first chart shows price in a broad trading range.
  • Second chart shows price breaking out of a channel. Price need to get back into the channel to continue the up move.
  • Immediate resistance at 20 Day SMA. Crucial support at 50 Day SMA.
 
  • Daily chart took support at 50 Day SMA and price came back into the range.
  • Now hour chart will continue to favor bulls above 5142 level for targets of 5200 and 5221.
  • Weakness on falling below 5120 - 5130 zone.

 
  • MCX Copper hour chart moving up.
  • Strength on trading above 50 Hour sma.
  • Stay long above 442 levels for 445 and 447. Weakness below 438
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  • 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
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  • 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.

Disclaimer

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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