- Silver four hour chart is trading close to an important support and resistance line.
- 28.01 level can give support for silver in case of a correction, 29.98 level is the resistance level for silver.
- Price is trading close to the apex of a triangle like pattern which may give good direction soon. In case of a breakout the above mentioned levels should break for getting good direction.
December 15, 2010
- We had a small bounce as discussed below.
- SPX Hour chart with support line and 50 hour moving average
- Price is trading close to the 50 Hour moving average and an important support line in hour chart. For the correction to continue price should break the support line and the moving average.
- If the support line is held one can expect an intraday bounce from here.
- SILVER SUPPORT AND RESISTANCE AREAS
- S&P 500 Futures Chart with 50 hour moving average and Ichimoku cloud
- Price has fallen below the cloud and 50 Hour moving average.
- Price is finding it tough to cross 1238 - 1239 area.
- Uptrend can only resume on an hourly close above 1242 level.
- 1234 may act as support level for ES.
- 5900 was violated for a while but nifty futures is getting support at this level.
- Nifty has to sustain below 5900 for selling to gain momentum.
- Nifty Futures 5 minutes chart with support and resistance levels.
- 5900 is the low which need to be broken for bears to start selling.
- 5949 and 5964 levels may act as resistance levels
- Channel mentioned yesterday broke today morning followed by a small gap down opening. The morning gap is filled now and NF is moving towards the low of the day.
- Sesa Goa weekly chart is showing a flag pattern.
- This is a bullish continuation pattern but the daily chart is looking weak. Price is trading below 50 DMA.
- So for now a move towards 50 DMA can be expected.
- Big breakout can happen only if the stock breaks above 50 DMA and the resisting trend line.
- Breaking below the weekly support line will be negative.