- SLV Hits the resistance line in daily chart.
- If price gives a bearish candlestick pattern on this resistance we may see a correction.
- Breaking above this line will keep the upward momentum intact.
- SPY FIBONACCI LEVELS
March 1, 2011
SLV Hits the resistance line
SPY Fibonacci levels
- Fibonacci levels in 15 minutes chart.
- Price has taken support at 50% level for now. For an up move to happen price has to sustain above 38.2% level.
- Breaking below 50% will lead to 61.8% Fib level.
ES Hour chart analysis
- Moving averages for ES are aligned bullishly in hour chart. 20 hour moving average is back above 50 hour moving average.
- If price sustains above 20 hour moving average bulls can extend the gains.
- Dip in prise may get supported by the 50 hour moving average.
- ES hour is also showing a channel formation which is also supporting bulls.
- For bears they should try to break the 50 hour moving average for creating a good shorting opportunity.
- DOW JONES ANALYSIS
RELIANCE Industries Analysis
- Reliance industries is not able to sustain above its 50 day moving average.
- Only a strong close above 50 DMA can give upward momentum for the stock.
- Stock is stuck between its 38.2% and 61.8% Fibonacci levels. Violation of these levels on closing basis can give good direction.
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