- Gold near daily channel support line
- 2nd chart is the weekly time frame which has fallen below 100 Week SMA. Price closing below 100 Week SMA may extend the fall towards weekly range bottom.
- 30 Minutes is suggesting a bottom in place in shorter time frame and a bounce towards 38.2% Fib level is likely before the fall resumes again.
February 15, 2013
- Bank of America First chart shows price trying to breakout of the range and falling back into it.
- Price as long as it stays above the Rising support line shown in first chart or the 50 Day SMA Should continue to favor a bullish breakout.
- Major resistance for the breakout is the 50% Fib level shown in the monthly chart. Once this level is closed on daily closing basis we may see a bigger up move in BAC. Daily close below 50 Day SMA should lead to a range breakdown.
- FORD CHART ANALYSIS
- Daily chart shown with the recent swing low of 5879 and the next support of 100 Day SMA if the swing low is taken out.
- Weekly chart is shown with 20 Week SMA or Middle Bollinger band at 5834
- Last chart shows the broken up trend line and the Horizontal support zone of 5815 - 5823. For a trend to reverse after a trend line break, price should break this horizontal support zone. So bulls can resume the up move again if they hold above 5815 - 5823 levels.
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