- Price staying below 200 Day SMA will be negative for the stock.
- Weekly chart shows price breaking below the crucial rising support line from 8.81 levels. Next crucial support in chart is 14.3 level. Fib level shows 38.2% at 14.51.
- Up moves from here may find it hard to cross 200 Day SMA.
- SILVER Ascending triangle
December 26, 2013
- Ascending triangle discussed below has resolved in favor of silver bulls
- Silver one hour getting resisted at 200 Hour SMA.
- One hour also looks like an ascending triangle. Pattern needs a close above 200 Hour SMA for a bigger up move to happen. Closing below the rising support line may lead to 19.30 and 19.10 levels.
- SBI daily chart trying to form a base around the 50 Day SMA as shown in first chart. Crucial support here is 1712 level. Close below 1712 will be bearish. For bulls need a close above 20 Day SM to gain strength.
- Price yet to recover from the big bearish engulfing pattern in weekly chart. For this particular pattern need to break below 20 Week SMA for bigger falls to happen.