- BAC Closes the week above its resistance level 8.4
- Breakout does not show an increase in volume.
- Weekly chart is closer to a breakout above the cloud. Recent attempts to breakout above the cloud has failed as seen in the third chart. for a bigger up move price must breakout above the weekly cloud.
- Last chart shows price with possible Fibonacci resistance levels.
- Gold has given a weekly cloud breakout.
- Gold avoided a bearish weekly candle on chart
- Next resistance levels are near 1787 and 1802
- Two resistance levels 1787 and 1802 are near the golden ratio as shown in the last chart.
- Dow Jones daily chart at resistance zone.
- Weekly chart shown with reducing volume as price moves higher.
- Volume analysis hints that this up move may not be a bigger breakout. Above 13340 Dow may hit 13500 levels. Around this level price should hit the resistance line of the rising wedge.
- S&P 500 ANALYSIS AFTER CLOSE
- Copper daily chart near previous support level which may act as resistance
- Daily chart is also approaching 200 SMA and Golden ratio. So copper bulls must cross strong resistance levels for extending the current up move.
- Gold daily chart with Fib Fan shows price getting resisted at 78.6% Fib line.
- Unable to close the week above the cloud may result in a fall towards breakout level again.
- Previous support line which is broken may act as resistance and a bearish candle at this stage should favor bears for a correction towards breakout level.
- Gold bulls need to close the week above the cloud to avoid the above mentioned correction.
- S&P 500 ANALYSIS AFTER CLOSE
- Nifty Daily chart getting ready for an up move from the rising support line
- For bulls day must sustain and close above 50 Day SMA.
- Nifty week is poised between 50 Week SMA and Weekly cloud so a trending move may not happen until these levels are taken out.
- S&P 500 EOD ANALYSIS
- SPX Daily chart shows price breakout above recent high's.
- Daily Chart shown with a possible resistance line. For tomorrow the resistance line is near 1445 level.
- Weekly chart shown with a rising wedge pattern. Resistance line for the wedge is around the same level of that the daily chart.
- Price is likely to fall from the above mentioned levels.
