Stock Market Chart Analysis

January 10, 2012

Price is also near Week high EMA. For an up move to happen weekly candle should close above it. Getting resisted here will be negative.
Oversold stochastic may keep the bulls interested. But in daily time frame it is overbought. So its better to look at the price range and closing values first before looking at the indicators.
COPPER IN A TRIANGLE PATTERN
USDINR FALLING TOWARDS THE TREND LINE

SPY Four hour with 20, 50 and 200 period SMA. Bulls are safe to extend this up move as long as they stay above 20 Period SMA.
2nd chart shows the levels which may trigger a bigger up or down moves. For bears price need to fall and close below the dotted trend line for a possible move towards 126.43. For bulls breaking above 128.38 may extend the gains.

U.S Dollar has been moving up with negative divergence.
This particular divergence is giving shallow corrections and continue to move up.
For now a bigger correction may happen only if price falls below 80.43 and sustains below 20 Day Simple Moving Average.

Silver Daily chart with descending triangle pattern.
Bulls will be weak below 28 levels. Breakdown below 26.02.
Breakout above the resistance line should sustain above 50 Day SMA for a trade against the down trend to be effective.
COPPER TRIANGLE PATTERN

Copper daily chart shows a triangle formation.
2nd chart shows price with 100 Day SMA and the important support and resistance lines which copper has to takeout for a bigger move to happen.
MSFT WEEKEND UPDATE
EXXON MOBIL ANALYSIS

Reliance continue to fall down in a falling wedge pattern. Price has been respecting the support and resistance line of the line chart. For now price is near the upper end of the pattern. If price its not going to give a breakout on closing basis we may see another correction in reliance.
Daily chart has positive divergence But price yet to close above 20 Day SMA for some strength for bulls to be seen.
Weekly stochastic is oversold But yet to turn up.
NIFTY WEEKEND UPDATE