August 30, 2013

SILVER Chart Update

  • Silver daily chart is showing weakness at 200 Day SMA.
  • Hour chart continues to be weak and has fallen below both 50 and 200 Hour SMA.
  • 4 Hour chart is testing the cloud. Getting support here may resume the up move. Breaking below the cloud may result in a bigger correction

CRUDE Oil support and Resistance levels

  • Crude oil takes support at 50 Period SMA and the Golden ratio in four hour chart.
  • Weakness only on breaking below 106.75 levels.
  • Strength on sustaining above 108.15 levels.

ES Bear Flag and support resistance levels

  • ES Hour chart shows a corrective up move which is forming a bear flag kind of pattern.
  • Crucial resistance here is the 200 Hour SMA. Closing above this level may favor bulls for a bigger up move.
  • Weakness near 200 Hour SMA may lead price towards the lows near the 50% retrace level shown in daily time frame. Bears will gains strength on closing below 50% Fib level.

TATA Motors Triangle update

  • Tata Motors weekly chart is testing the resistance line of the triangle. Last breakout was not successful. Breakout on closing basis this time and a move above 315 - 320 levels may give a bigger up move for the stock.
  • Weakness here may take price back towards the weekly cloud. Weekly cloud is acting as strong support for the stock. Holding above the cloud price is likely to move higher.

CRUDE Oil Correction

  • Crude oil daily has fallen back into the range. 
  • 4 Hour chart also shows price falling back into the triangle pattern. Price closing inside the daily rang may give a bigger correction for crude.
  • One hour chart shows price near Golden ratio and 50 Hour SMA. Breaking this level may extend the current fall.