July 5, 2011

Bullish Price Action - Crude Oil

  • Crude Oil daily chart has broken above the resistance line.
  • Immediate resistance is at the 50 day moving average.
  • Bulls of crude oil can extend the rally if price is able to stay above this moving average.

SPY Trend Update

  • Price continue to move up in a narrow channel. 
  • Price has not even touched the 20 period moving average for this time frame
  • For bears they have to break the channel and 20 period moving average for a correction to happen.

ES in a range

CHART-II
CHART-I
  • ES in a range in 30 Minutes
  • Last smaller range between 1311 and 1317 gave good long trade after an upper breakout.
  • This one is even bigger 1328 - 1337 and expecting better direction out of this range.
  • DOW JONES WEEKEND UPDATE

BANK NIFTY ,SBI and VIX Analysis

BANK NIFTY DAILY
STATE BANK OF INDIA DAILY CHARTS
INDIA VIX
  • Bank nifty is slowing down near 200 DMA. 
  • Price has given a doji candle near 200 DMA. Doji shows indecision and when it comes near moving important moving averages or trend lines it usually lead to a good move in either direction.
  • SBI is pausing at 38.2% Fib resistance level and near 50 Day moving average. Price should sustain above these levels for this up move of SBI to continue.
  • India Vix seems to be making a bottom. If stochastic starts to move up then we may see the VIX move up.

July 4, 2011

APPLE Hits the resistance line

  • AAPL on Friday closed at the resistance line.
  • Indicators have reached overbought levels.
  • Overbought indicator reading near this resistance line has given good short trades as of now.
  • So if price gives negative candle near the resistance line then its time to go short again.
  • DOW JONES WEEKEND UPDATE
  • S&P 500 WEEKEND UPDATE

NIFTY Hidden trend line

  • Nifty daily chart with the broken trend line
  • Price is not able to sustain above this hidden trend line.
  • For bulls if they are not move towards 200 DMA they have to stay above this trend line.
  • Staying below it will favor bears.

BANK NIFTY Analysis

  • Bank nifty near 200 DMA and the trend line.
  • It will find it tough to cross the confluence of resistance.
  • If it manages to cross this level then the next logical target would be the 50% Fib level shown in 2nd chart which is 11660 level.
  • Indicators in daily time frame has reached overbought levels which can give some negative or sideways action before the next up move.
  • NIFTY WEEKEND UPDATE