August 7, 2013

GOOGLE Chart analysis

  • Google daily chart shows price in a contracting triangle pattern.
  • Daily chart is also trading below 20 Day SMA or Middle bollinger band. MACD Indicator is showing negative divergence which may help google bears with a correction

GOLD Trend update

  • GOLD Daily and Hourly time frames continue to look weak.
  • Price below 50 and 200 Hour SMA in one hour chart. Price sustaining below these levels will continue to favor bears of Gold.

ES Chart analysis

  • ES Testing 100 Hour SMA. Four hour is moving like a channel breakdown of which may trigger a bigger fall.
  • Daily chart shows crucial support at 23.6% Fib level. Bigger weakness can be confirmed only when price starts to trade below this level.

BANK Nifty chart analysis

  • Next level to watch for Bank Nifty is 9600. Closing below 9600 price could head towards 9100 levels as shown in first chart.
  • Fib level shows price below Golden ratio. Sustaining below this level price may target the 38.2% Fib level.
  • Weekly stochastic looks oversold But price yet to show any strength yet. 

S&P 500 Analysis after closing bell

  • First chart shows bearish price action in daily chart But daily TF is yet to close below 20 Day SMA and the crucial swing low of 1676.
  • Immediate support at 20 Day SMA which is at 1688. So initial weakness on closing the day below 1688 levels.

CRUDE Oil chart update

  • Crucial level for crude oil bulls to hold above is 102.60 for this week. Price closing below this level means price falling back into the weekly triangle pattern. Sustaining above this level may give an up move towards the top of the range.