December 7, 2010

SPX Fibonacci levels

  • Today's GAP in SPX is yet to fill completely.
  • If the correction continues price may test the 23.6 Fibonacci level.
  • Price and MACD is showing negative divergence.
  • If price continues to sustain above today's GAP it will favor bulls.

SPY Five minutes chart update

  • SPY is filling the morning gap.
  • Break of 123.30 will fill this gap completely.
  • 123.03 level may give support and an intraday bounce may happen from there.
  • Break of 124.01 will extend this rally.

S&P 500 Futures Before opening bell

  • ES gave a triangle breakout today.
  • Price went up till 1234 level and is forming a bull flag now.
  • Price is forming a small range between 1231 to 1234.
  • Break above 1234 will continue the upward momentum. Break below 1231 will be a buying opportunity as long as price maintains above 1224. Breaking below 1224 will be negative.

Reliance Industries chart analysis

  • Reliance Industries if closes above 5 day high ema will keep the upward momentum intact.
  • Stock has lots of hurdles to cross from 1010 level to 1050 level.
  • 50 DMA, 100 DMA and 200 DMA is situated between 1010 to 1050 level.
  • Closing above 1045 can give good upward momentum for the stock.
  • Third chart shows stock taking support at 78.6% level. Broken level of 38.2% at 1045 will act as resistance now.

Nifty Daily Analysis

  • 50 DMA acted as strong resistance yesterday.
  • It was one more day of trying to close above 50% Fib level which got failed.
  • Nifty closed below 5 day high ema.
  • Closed below 20 DMA as well.
  • Unless the above mentioned levels are crossed with good volumes nifty may not move ahead.
  • The weekly chart with the hidden trend line that is acting as resistance.

S&P 500 Analysis after closing bell

  • Weakness is yet to be seen in hour chart.
  • Price is trading above 20 and 50 hour moving averages.
  • Daily chart has given a spinning top candlestick. This shows indecision among buyers and sellers. According to the pattern if the candlestick's color is against the prevailing trend we may see a reversal. This candlestick needs price confirmation.

Crude oil Fibonacci levels

  • Crude oil is trading near its 50% Fibonacci Retrace level of its fall from 147 to 33 levels.
  • Crude oil is trading near the resistance line in weekly chart. A dip below 87 will be negative and can take crude to 83 levels.
  • Up move will be possible only on a breakout from this pattern and the 50% Fib level at 90.54.

SPY Five minutes chart

  • Triangle gave an upside breakout and went up till the range top at 123.03 and got resisted there.
  • SPY 5 Minutes chart is showing a Descending Triangle.
  • 5 minutes chart is showing a range of 122.11 - 123.03.
  • 122.65 is a support resistance zone. 122.50 is the support line of the triangle.