- Its a day of false breakouts.
- Silver did an upper breakout from its rising wedge and gave a correction
- Crude oil false breakout was from an ascending triangle pattern.
- SPY and ES did gave false breakouts from the rectangles in which they were trading. Price is moving in the opposite direction.
- Usually price moves well in the opposite direction after a false breakout. ES and SPY are doing it, But silver is trying for an upper breakout again.
- Cisco is finding it hard to cross 100 DMA.
- Rally of July was stopped at 100 DMA.
- Rally started in this month is also hitting resistance at 100 DMA.
- Up move will be possible only if price closes above this moving average. If it does not happen soon another correction will follow.
- US Dollar daily chart is testing its support level at 73.515
- If daily candle closes below this level then the next support is at 72.860.
- SLV hour is showing a possible rising wedge pattern
- Price is trending up above 20 Hour moving average.
- If price starts to trade below 20 Hour moving average we may see an extended correction from the rising wedge.
- US DOLLAR TESTING SUPPORT LEVELS
- Copper hour is trading in a range from 3.9333 to 4.0635.
- Bigger moves will be possible only if this range gets broken.
- Till then selling at the top of the range and buying near support area can be done.
- Silver four hour chart is showing a bearish rising wedge pattern.
- One can try to remain short from the hourly chart.
- Price falling below 50 Hour moving average will favor bears. Bigger fall below 200 Hour moving average.
- Rising wedge will become invalid if the resistance line gets broken.
- US DOLLAR TESTING SUPPORT LEVELS
CHART-III UPDATED
CHART-II UPDATED
- ES has given a breakout from the range. Price sustaining above 1202 will favor bulls to extend the up move.
CHART-I
- ES is stuck in a range between 1177 - 1202
- Price is also moving around 50 Hour moving average for quite sometime now.
- So a breakout or breakdown from this range which means moving away from this moving average may result in a bigger move for ES.
- GOOG FALLS BELOW 50 DMA
- S&P 500 ANALYSIS AFTER CLOSING BELL
