November 12, 2010

SILVER Violates support levels

  • Silver has gone below 26.40 which was an important support level in hour chart.
  • Next support is at 25.86, Trading below this level will be negative and it can push the rate down to 25.21 initially.

SPY Support levels

CHART-II
  • Support broken at the fourth attempt
  • This area may act as resistance now.
  • We may see an up move after filling the GAP
CHART-I
  • SPY is finding support at 120.67 area. 
  • Today price hits this area for the 3rd time in hour time frame. This has the making of a triple bottom reversal pattern. But if it gets tested again bears may be successful in breaking it

S&P 500 futures before opening bell

CLICK THE CHART TO ENLARGE
CHART-II
  • Descending Triangle mentioned below has given a good trade for the bears. Low made was 1193. Price is still finding resistance at the resistance line of the triangle pattern.
  • Even if price manages to break above the resistance line of the pattern, 1213 seems to be a tough resistance area for bulls to breakout.
CHART-I

  • ES has a descending triangle pattern that can give good direction.
  • Descending Triangles usually gives a breakdown of the support line.
  • But ES is showing good support at 1200 so this may again act as a support area.
  • If price breaks the resistance line of the triangle pattern than price should sustain above 1213 for making good up moves.

A day for the bears

  • Nifty futures 5 minutes chart with ichimoku cloud and trend line.
  • See the power of the trend the cloud is not even touched once by the price, Even though it is the 5 minutes time frame.
  • Every rise of NF was sold off.
  • 6090 was an important level a trend line in 4 hour time frame is violated. 

Nifty daily analysis

  • Nifty found resistance at the top of the broadening pattern. As mentioned in a PREVIOUS POST 6284 turned out to be a good resistance zone for nifty spot.
  • Bulls will gain strength only if they trade above 6284.
  • price closed below 5 day low ema which is negative. 

Descending Triangle of S&P 500

  • ES did move to 1200 But did not stop there. Instead it broke and made a low of 1193.
CHART-II
  • As discussed below the breakof upper boundary found resistance around 1213
  • ES will move towards 1200 now and may find support near that level.
CHART-I
  • ES has a descending triangle pattern that can give good direction.
  • Descending Triangles usually gives a breakdown of the support line.
  • But ES is showing good support at 1200 so this may again act as a support area.
  • If price breaks the resistance line of the triangle pattern than price should sustain above 1213 for making good up moves