December 17, 2013
- Price in 4 Hour chart is forming a bullish pattern But it continues to trade below key resistance levels like 200 Period SMA and the cloud of this time frame.
- Price must close above 200 Period SMA first for a possible up move to happen then it should break and sustain above the cloud for resuming the larger trend.
- BANK Of America previous resistance as support
- Bank of America is correcting towards previous resistance zone(14.97 - 15.03) which may act as support level.
- Indicators like RSI are approaching oversold zone which may help bulls to turn up from the previous resistance level.
- for now 38.2% Fib level is trying to give support for the correction.
- ES Chart update
- Silver continues to move around the price pivot zone of 20.48 - 20.58. Price must close above this level for a bigger up move to happen. 38.2% Fib level too lies in this zone which makes it a resistance confluence.
- 4 Hour chart shows a falling 200 period SMA which if not broken on closing basis may act as a strong resistance level for Silver.
All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.