December 22, 2010

SPY 5 Minutes chart

  • SPY 5 Minutes chart is trending up above the cloud. 
  • Usually cloud gives good support in hourly time frame. But this week the trend is so clear that the cloud looks good even in five minutes chart.
  • So expect correction only if the cloud breaks in 5 minutes time frame.

Ascending Triangle of SILVER

  • Silver hour chart gives an ascending triangle pattern.
  • But price is finding it tough to sustain above 29.500 levels.
  • Now that the price is near the apex of the pattern we will get good direction soon.
  • As the pattern is an ascending triangle one can hope for a bullish breakout. One cannot rule out the possibility of the supporting trend line getting broken too.
  • CRUDE OIL SUPPORT AND RESISTANCE LINES

GBPUSD Daily chart analysis

  • GBPUSD Looks weak after a support line violation in daily time frame.
  • Support line also looks like a sloping neckline of a head and shoulders pattern.
  • Pair has good supports at lower 1.53 levels and 1.51.
  • Large correction can be expected only if 1.51 is taken out.

BIDU Hour chart analysis

  • Bidu hour chart with resistance line and 50 hour moving average.
  • Price can continue the positive movement in hour chart only if it breaks above the resistance line and the 50 hour moving average.
  • Resisting here will attract selling.
  • ES NEGATIVE DIVERGENCE

S&P 500 Futures Before opening bell

  • ES has hit the upper trend line at 1251 giving a higher high for price and a lower high for the MACD Indicator. Problem here is that if ES continues to go up MACD will give higher bars which will negate this divergence.
  • So bears should hope that ES does not break and sustain above 1251.
  • S&P 500 ANALYSIS AFTER CLOSING BELL

CRUDE Oil Support and resistance lines

CLICK THE CHART TO ENLARGE
  • Crude oil daily chart with support and resistance levels.
  • Breaking above the resistance line and sustaining above 91-92 levels can give 95, 97 and 104
  • Breaking below the support line may take crude to 85 levels.

Nifty Futures intraday update

CHART-III
  • Finally Nifty futures takes more than 5 steps in the same direction
  • Staying below 5990 will give good gains for bears.
CHART-II
  • Price in a narrow range as it did yesterday.
  • If we breakout above 6040 NF we may see some action. For bears it will be below 6015. Otherwise this sideways movement will continue for some more hours.
CHART-I
  • Nifty Futures has given an upper breakout.
  • Bulls are safe to hold on as long as 6015 is not taken out by bears.
  • Weakness will be seen below 6015.

Nifty Daily Analysis

  • Nifty line chart shows the resistance area the index needs cross on closing basis.
  • Price stands above 20 DMA and Below 50 DMA. Closing above 50 DMA will favor bulls. Closing below 20 DMA will favor bears.
  • S&P 500 ANALYSIS AFTER CLOSING BELL

S&P 500 Analysis after closing bell

  • SPX Dailly char shows the index making a positive closing above 1254 levels. 
  • For now the immediate supports can be raised to 1246 and 1250 levels. Positional longs will be safe as long as 1246 is not taken out.
  • Hour chart shows how the 50 hour moving average and Ichimoku cloud acting as support during corrections.
  • DOW JONES HOUR CHART ANALYSIS