- Gold gave a breakout from the triangle in four hour chart. Price is now retesting the triangle resistance line which may act as support for this correction.
- Fib levels shows resistance at 38.2% Fib level which must be crossed for a bigger up move to happen. Weakness on price falling below 23.6% Fib level.
July 9, 2013
- ES nearing its resistance level in daily chart.
- Sustaining above 50 Day SMA should lead to a breakout above the resistance level shown in first chart.
- Fib levels shows price between Golden ratio and 78.6% Fib level this area is a possible reversal level so Bulls must move above 78.6% Fib level sooner to avoid a correction.
- INTEL CHART ANALYSIS
- SBI Testing crucial support zone in weekly chart.
- Weekly indicator is in oversold zone but price shows no reversal yet.
- For the daily strength above yesterday's High(1881) and previous support of 1892. Weakness on sustaining below 1850. Trend in daily chart will weaken only on price closing above 5 Day High EMA Which is currently at 1929.