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.